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Employee Benefits Accounting : A company provides defined benefit pensions to its employees. The company's actuary estimates that the present value of future pension benefits

Employee Benefits Accounting: A company provides defined benefit pensions to its employees. The company's actuary estimates that the present value of future pension benefits is $5,000,000, and the fair value of plan assets is $4,000,000. Calculate the funded status of the pension plan and discuss the accounting treatment for defined benefit obligations under International Accounting Standards (IAS 19) and U.S. GAAP.

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