Dell Company adopted a defined benefit pension plan on January 1, 2008. Dell amortizes the initial prior service cost of $1,334,400 over 16 years. It assumes a 7% discount rate and an 8% expected rate of return. The following additional data are available for 2008:

Required:
Compute the pension asset (liability) to be reported on Dell's December 31, 2008 balance sheet.

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Service cost for 2008 Prior service cost amortization Employer contribution made at 12/31/08 $320,000 83,400 335,000