Reference no: EM132496383

The Carrasco Company has provided you the following information pertaining to its defined benefit pension plan that was adopted on January 1, 2018:

1. The service cost was $750,000 during 2018 and $1,125,000 during 2019.
2. The contribution to the pension plan was $600,000 on December 31, 2018 and $1,200,000 on December 31, 2019.
3. The actuarially determined discount rate and the expected return on plan assets are both 10%.
4. The actual return on plan assets was 10.5%.
5. Retirement benefits pertaining to years of service prior to 2018 were not granted to the employees.

Question 1: What is the balance of the pension plan assets as of December 31, 2019?