[Solved] Information on an entity's plan assets is

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Information on an entity's plan assets is shown below: Fair value of plan assets, Jan 1 - 120,000 Return on plan assets - 40,000 Contributions

Information on an entity's plan assets is shown below:

Fair value of plan assets, Jan 1 - 120,000

Return on plan assets - 40,000

Contributions to the retirement fund during the year - 280,000

Benefits paid to retirees - 160,000

Actuarial loss - 60,000

How much is the fair value of the plan assets as of year-end? show the solution and explain.

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