LEO operates a benefit pension plan for its employees. The fair value of the plan assets at 1…

LEO operates a benefit pension plan for its employees. The fair value of the plan assets at 1 June 20X8 was $6 200 000. LEO made contributions of $600 000 to the plan in the year to 31 March 20X9 and the expected return on assets has been calculated at $380 000. The pension plan paid out a total of $450 000 in benefits for the period and the fair value of the plan assets at 31 May 20X9 was $6 680 000.

Required:

Calculate the actuarial gain or loss in respect of the pension plan assets of EEC's defined benefit pension plan for the year ended 31 March 20X9. Please make clear whether there is a gain or a loss.