At the beginning of the current year, Rachelleen Company provided the following information in relation to a defined benefit plan: Fair value of plan assets 6,000,000 Projected benefit obligation 5,000,000 Prepaid/accrued benefit cost - surplus 1,000,000 Asset ceiling 700.000 Effect of asset ceiling 300,000 During the current year the following data are gathered: Current service cost 700,000 Actual return on plan assets 900,000 Contribution to the plan 1,000,000 Past service cost 200,000 Decrease in projected benefit obligation due change in actuarial assumptions 500,000 Asset ceiling at year-end 1,200,000 Discount rate 10% Required: 1. Determine the fair value of plan assets at year-end. 2. Determine the projected benefit obligation at year-end. 3. Determine the effect of asset ceiling at year-end. 4. Compute the employee benefit expense for the current year. 5. Compute the remeasurements for the current year. 6. Prepare journal entry to record the employee benefit expense. 7. Reconcile the prepaid/accrued benefit cost account