On January 1, 2020, Hulk Ltd. reported the following balances relating to their defined benefit pension plan: ...... Defined benefit obligation............................................ $1,600,000 ...... Fair value of plan assets................................................    1,600,000   Other data related to the pension plan for calendar 2020 are: ...... Current service cost.......................................................         70,000 ...... Contributions to the plan...............................................       102,000 ...... Benefits paid.................................................................       100,000 ...... Actual return on plan assets..........................................         96,000 ...... Interest (discount) rate..................................................              9% Instructions a.    Calculate the defined benefit obligation at December 31, 2020. b.    Calculate the fair value of plan assets at December 31, 2020.

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Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.