UGT Plc introduced a tier 3 pension scheme for its management staff in 2016 and operated it as a defined benefit scheme. At 1 January 2019 the fair value of the assets of the defined benefit plan was measured at GHS1,100,000 and the present value of the defined benefit obligation was GHS1,250,000. On 31 December 2019, the plan received contributions of GHS490,000 from the Assembly and paid out benefits of GHS190,000 to retired staff. The current service cost for the year was GHS360,000. The plan asset yielded average return of 13% during 2019 and the present value of the plan obligation is determined using an annual discount rate of 12%. After these transactions, the fair value of the plan's assets at 31 December 2019 was assessed at GHS1,600,000 and the present value of the defined benefit obligation was GHS1,700,000.

The 2019 transactions relating to the scheme have not been recorded in the accounting ledgers and therefore do not form part of the draft financial statements. The entire scheme expenses (service costs and net interest expense) are recognised as employment costs and treated as part of operating expenses.

NB: The Net pension plan obligation recorded in the balance sheet Non-current liabilty is GHS150,000

Calculate the net obligation to be recorded in the financial statement for the year ended 31/12/2019 and the expenses to be recorded in the income statement.