Dell Company adopted a defined benefit pension plan on January 1, 20X1. 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 20X1:

Service cost for 20X1 ............................................... $ 320,000
Prior service cost amortization ................................... 83,400
Employer contribution made at 12/31/20X1 .......... 335,000

Required:

Compute the pension asset (liability) to be reported on Dell’s December 31, 20X1, balance sheet.