Efron provided the following information related to a defined benefit plan for 2021: Defined benefit obligation January 1, 2021 P4,400,000 December 31, 2021 P5,000,000 Fair value of plan assets: January 1, 2021 P4,200,000 December 31, 2021 P4,800,000 Current service cost P60,000 Past service cost P230,000 Benefits paid P62,000 Contribution to the fund P42,000 Discount rate 5% Expected rate of return 7%