The following information pertains to Kane Company’s defined benefit pension plan:

Kane has no net actuarial gains or losses in AOCI.
Required:
In its December 31, 2008 balance sheet, what amount should Kane report as a pension asset (liability)?

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Balance sheet asset, 1/1/08 AOCI-prior service cost, 1/1/08 $ 2,000 24,000 Service cost 19,000 Interest cost 38,000 Expected return on plan assets 22,000 Prior service cost amortization 6,000 Employer contributions 40,000