Question 4 At 1 January 20X2 the fair value of the assets of a defined benefit plan were valued at $1,100,000 and the present value of the defined benefit obligation was $1,250,000. On 31 December 20X2, the plan received contributions from the employer of $490,000 and paid out benefits of $190,000. The current service cost for the year was $360,000 and a discount rate of 6% is to be applied to the net liability/ (asset). After these transactions, the fair value of the plan's assets at 31 December 20X2 was $1.5m. The present value of the defined benefit obligation was $1,553,600. Required Calculate the gains or losses on re-measurement through Other Comprehensive Income (OCI) and the return on plan assets and illustrate how this pension plan will be treated in the statement of profit or loss and other comprehensive income and statement of financial position for the year ended 31 December 20X2.