w 100% 17:04 AM options, in accordance with IFRS 2 Share-based payments. 3/6 Question Four (20 Marks) Taonga operates a defined benefit pension scheme for all its eligible employees. The c urrent service cost of operating the scheme was K7.8 for the year ended 31 July 2019. At 31 July 2018, the fair value of the pension scheme assets was K73m and the presen t value pension's scheme liabilities was K80m. Taonga made contributions to the scheme in the year of K8.8m. The yield on high quali ty corporate bonds at 1 August 2018 was 10%. The pension scheme paid out K4m in be nefits in the year to 31 July 2019. Taonga adopts IAS 19 employee benefits as revised in 2011 in recognizing re-measure ment gains and losses. AAs at 31 July, 2019, the fair value of pension scheme assets w as K84m and the present value of pension scheme liabilities was K95m. Required: a) Calculate the expense in that Taonga will include in its statement of profit or | oss and other comprehensive income for the year ended 31 July 2019. (10 mark s) b) Calculate the net pension asset or obligation (stating which) that will be inclu ded in the statement of financial position as at 31 July 2019. (5 marks) c) Explain how the accounting treatment of Taongas Pension plan would differ i fit had been a defined contribution rather than a defined benefit plan