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 $1,625,000 1,878,500 2,000,000 2,312,500 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 5% What is the amount of defined benefits cost to be reported as part of Watermelon's net income for Year 1: 350,000 118,000 19,000 130,000

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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.