Stanley-Morgan Industries adopted a de?ned bene?t pension plan on April 12, 2009. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. A consulting ?rm, engaged as actuary, recommends 6% as the appropriate discount rate. The service cost is $150,000 for 2009 and $200,000 for 2010. Year-end funding is $160,000 for 2009 and $170,000 for 2010. No assumptions or estimates were revised during 2009.

Required:

Calculate each of the following amounts as of both December 31, 2009, and December 31, 2010:

1. Projected benefit obligation

2. Plan assets

3. Pension expense

4. Net pension asset/liability