QUESTION 11 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) Return on plan assets Fair value of plan assets (30/6/2020) Present value of defined benefit obligation (1/7/2019) Present value of defined benefit obligation (30/6/2020) Benefits paid $10 484 000 $733 880 $10 948 000 $10 244 120 $10 654 000 $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) v with a balance of For the financial year ended on 30 June 2020, Moreton Ltd should recognise an actuarial liability v on the plan assets at an amount of asset liability gain loss $0 $54,120 $239,880 $294,000 $563,880 $745,780 $887,880 $985,660