Question - The following information relates to XYZ Company's defined benefit pension plan during the current reporting year:
Plan assets at fair value, January 1: $650,000,000
Expected return on plan assets: 55,000,000
Actual return on plan assets: 45,000,000
Contributions to the pension fund (end of year): 95,000,000
Amortization of net loss: 0
Pension benefits paid (end of year): 30,000,000
Pension expense: 65,000,000
Required: Determine the balance of pension plan assets at fair value on December 31.