On January 1, 2024, the Brown Cup Company provided the following data relating to its defined benefit plan:

Fair value of plan assets P8,500,000
Present value of defined benefit obligation 8,200,000

The following information is related to 2024:
Current service cost Interest cost P1,200,000
Actual return on plan assets 10%
Contribution to the plan 1,500,000
At December 31, 2024, the company's actuary placed a value of P10,180,000 (present value) of defined benefit obligation.

REQUIRED:
(a) Determine the defined benefit liability/ asset as of January 1, 2024. Indicate whether it is an asset or liability.