Rose Berhad has a defined benefit pension plan for its employees. On 1 April 2020, the fair value of the pension plan assets and the present value of the pension plan liabilities were RM8,200,000 and RM8,500,000 respectively. The actuary estimated that the service cost for the year to 31 March 2021 was RM2,100,000.

During the accounting period to 31 March 2021, Rose Berhad paid RM1,900,000 in contributions to the pension plan. While, the pension plan paid RM500,000 to retired members for the same period.

On 31 March 2021, Rose Berhad announced improvements to the benefits offered by the pension plan to all of its members. The actuary estimated that the past service cost associated with these improvements was RM2 million. At 31 March 2021, the fair value of the pension plan assets was RM10,200,000 and the present value of the pension plan liabilities (including the past service costs) was RM12,500,000.

The actuary estimated that the relevant discount rate for the year to 31 March 2021 was 6%.

Required:

1. Calculate the net actuarial gain or loss for the year ended 31 March 2021.
2. Calculate the net pension asset or liability as at 31 March 2021.
3. Show journal entries to recognise net actuarial gain or loss and contribution to the plan.

(10 marks)