1. Moreton Ltd contributes to a defined benefit superannuation plan for its employees. The following information is available for the plan at 30 June 2020.

   Fair value of plan assets (1/7/2019) $10 484 000

   Return on plan assets $733 880

   Fair value of plan assets (30/6/2020) $10 948 000

   Present value of defined benefit obligation (1/7/2019) $10 244 120

   Present value of defined benefit obligation (30/6/2020) $10 654 000

   Benefits paid $324 000

   The rate of return on plan assets for the financial period is 7% and the discount rate at 1 July 2019 is 6%.

   REQUIRED:

   Select the most appropriate accounting treatments and amounts for two following statements.

   • At 30 June 2020, the net defined benefit is a(n) assetliabilitygainloss$0$54,120$239,880$294,000$563,880$745,780$887,880$985,660 with a balance of assetliabilitygainloss$0$54,120$239,880$294,000$563,880$745,780$887,880$985,660.
   • For the financial year ended on 30 June 2020, Moreton Ltd should recognise an actuarial assetliabilitygainloss$0$54,120$239,880$294,000$563,880$745,780$887,880$985,660 on the plan assets at an amount of assetliabilitygainloss$0$54,120$239,880$294,000$563,880$745,780$887,880$985,660