Calculate the amount of the net defined benefit liability

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Oriole Limited sponsors a defined benefit pension plan, and follows ASPE. The corporation's actuary provides the following information about the plan (in thousands of dollars)

January 1, 2020 December 31, 2020
Vested benefit obligation $1,400 $1,490
Defined benefit obligation, accounting basis 2,260 3,016
Plan assets (fair value) 1,360 2,089
Interest/discount rate 10% 10%
Net defined benefit liability/asset ? ?
Past service cost, plan amendment, effective December 30, 2020 360
Service cost for the year 2020 300
Contributions (funding) 2020 600
Benefits paid in 2020 130

Problem 1: Calculate the actual return on the plan assets in 2020.

Problem 2: Calculate the amount of the net defined benefit liability/asset as at January 1, 2020.

Reference no: EM132753907

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