Use the following information for the next three items: Nishida Corporation maintains a tax-qualified, funded, noncontributory defined benefit retirement plan covering substantially all of its permanent employees. The benefits are based on years of service and compensation during the latest year of employment. A retirement valuation was made as at each financial yearend. The defined benefit retirement plan meets the minimum retirement benefit specified under Republic Act (RA) No. 7641, Retirement Pay Law. The following information has been provided to you in relation to your financial statement disclosure review of Nishida Corporation: At January 1, 2020 At January 1, 2019 Present value of defined benefit obligation P46,706,621 Fair value of plan assets 54,017,675 Asset ceiling P18, 101,411 8,911,552 Discount rate 7.70% 5.79% For the year ended For the year ended December 31, 2020 December 31, 2019 Benefits paid P 6,542,451 P 2,951,564 Contributions 17,088,723 13,802,258 Current service cost 7,259,807 6,619,115 Actual return 10,798,916 (1,726,309) Increase (decrease) in the present value of defined benefit obligation due to actuarial changes arising from: Changes in financial assumptions 26,796,261 (14,371,762) Changes in demographic assumptions 268,324 Experience adjustment 351,833 3,745,584 At December 31, 2020 At December 31, 2019 Asset ceiling P9,339,209 P18, 101,411 Discount rate 5.52% 7.70% Based on the information above, answer the following: 3. What is the balance of the net retirement liability (asset) on December 31, 2019? (P18, 101,411) +/- 1 4. What is the retirement expense in the income statement of Nishida Corporation for the year ended December 31, 2020? P5,865,998 +/- 1 5. What is the remeasurement loss (gain) in other comprehensive income for the year ended December 31, 2020 in relation to its defined benefit plan? P19,984,927 +/- 1