On 1 April 2019, Good Employer Limited (GE) had the following balances relating to its defined benefit plan:

Projected benefit obligation $7,200,000

Fair value of plan assets 7,000,000

Other data related to the benefit plan for the year ended 31 March 2020 are shown below:

Service cost $300,000

Contributions to the plan $380,000

Benefits paid $400,000

Discount rate 8%

Expected return on plan assets 8%

Actual return on plan assets 6%

Required

In accordance with HKAS 19 Employee Benefits,

1. Determine the defined benefit obligation of GE as at 31 March 2020.

2. Determine the fair value of plan assets of GE as at 31 March 2020.

3. Prepare GE's journal entries to record the employee benefit and the contributions for the year ended 31 March 2020.

4. Provide the disclosure note relating to the benefit plan as at 31 March 2020. (11 marks)