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On January 1, 2020 prior to PAS 19R, Pascual Company provided the following data in...

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Accounting

On January 1, 2020 prior to PAS 19R, Pascual Company provided the following data in connection with its defined benefit plan: Fair value of plan assets 10,000,000

Unamortized past service cost 1,000,000

Projected benefit obligation (13,000,000)

Prepaid/accrued benefit cost (2,000,000)

The remaining vesting period for employees covered by the past service cost is 5 years. The entity adopted PAS 19R on January 1, 2020. Transactions affecting the plan for 2020 are: Current service cost 2,500,000

Interest expense 1,300,000

Interest income on plan assets 1,000,000

Decrease in PBO due to changes in actuarial assumptions 400,000

Contribution to the plan 3,500,000

Benefit paid to retirees 3,000,000

Actual return on plan assets 1,500,000

Present value of benefits settled in advance 800,000

Payment for benefits settled in advance 900,000

Required:

What is the fair value of plan assets on December 31, 2020?

What is the accrued benefit cost to be reported on December 31, 2020?

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