EMPLOYEE BENEFITS

DINA ENG Company reported a prepaid benefit cost of $P1,500,000$ on January $1,2016.$ The entity provided the following information related to a defined plan during the current year:

$($Please refer to picture for clearer information for table$)$

Current service cost $3,000,000$

Actual return on plan assets $1,200,000$

Interest cost $800,000$

Settlement price of benefit obligation paid in advance $500,000$

Present value of benefit obligation paid in advance $600,000$

Interest income $1,000,000$

Actuarial gain on PBO $400,000$

Past service cost $500,000$

Benefits paid to retirees $2,500,000$

Contribution to the plan $4,000,000$

Projected benefit obligation $$ Jan. $1-8,000,000$

Fair value of plan assets $$ Jan. $1-10,000,000$

Asset ceiling $$ January $11,500,000$

Asset ceiling $$ December $312,000,000$

Discount rate $10\%$

$(1)$ What is the $2016$ benefit expense?

$(2)$ What is the fair value of the plan assets at December $31?$

$(3)$ What is the projected benefit obligation at December $31?$

$(4)$ What is the net remeasurement gain or loss in OCI?