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Watermelon Inc., a company that adheres to IFRS in its accounting and reporting practice, provides...

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Accounting

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Watermelon Inc., a company that adheres to IFRS in its accounting and reporting practice, provides a defined benefit pension plan to its employees. The following information is available at for Year 1 (amounts in thousands): PV of defined benefits obligations, beginning of year Fair value of plan assets, beginning of year PV of defined benefits obligations, end of year Fair value of plan assets, end of year PV of reductions in future contributions, end of year Service cost, current year Actuarial gain, current year Actual return on plan asset, current year Effective yield on high quality corporate bonds, current year $1,625,000 1,878,500 2,000,000 2,312,500 350.000 118,000 19,000 130,000 5% What is the amount of net defined benefits liability (asset) to be reported on Watermelon's balance sheet on at the end of Year 1, for this pension plan: Multiple Choice O A net defined benefit asset of $ 253,500,000 O A net defined benefit asset of $ 312,500,000 O A net defined benefit liability of $ 253,500,000 O A net defined benefit liability of $ 312,500,000

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