The Virgin Cola Company's memorandum records for its defined benefit plan show the following balances: Fair value of plan asset. 1/1/20 P6,000,000 Benefit obligation 6,600,000 Unrecognized past service cost 400,000 The following have been gather for the year 2020: 2020 service cost P 500,000 Discount rate 10% Actual return on plan assets 300,000 Contributions made 1,000,000 Benefits paid 1,000,000 Actuarial loss on remeasurement of benefit obligation 100,000 Instructions: 1. Compute the following: a. amount of the defined benefit asset or liability)prepaid/accrued) at January 1, 2020 b. Retirement benefit expense for 2020. c. Retirement benefit cost for 2020, to be shown on other comprehensive income. 2. Prepare the journal entry to record the funding and its retirement benefit expense 3. Determine the balance of the defined benefit asset or liability (prepaid/accrued) as of December 31, 2020. 4. Reconcile the balance determined in 3 with the memorandum records of the company as of December 31, 2020. DEFINED BENEFIT COST WORKSHEET Defined benefit cost Benefit liability/asset P&I OCI Liability Asset