8. At the end of 2020, Season Inc. has determined the following adjusted information related to its defined benefit pension plan:

Fair value of pension plan assets (PA)................................................. 1,320,000dr

Accrued benefit obligation.................................................................... ( $1,220,000cr)

Assume the net accrued benefit liability/asset account at January 1, 2020 was $0. If the contribution to plan assets in 2020 is $410,000, the pension expense for 2020 is:

a. $210,000.

b. $310,000.

c. $410,000.

d. $510,000.

9. At the end of 2020, its first year of operations, Icelantic Corp. prepared the following reconciliation between pre-tax accounting income and taxable income:

Pre-tax accounting income $ 800,000

Estimated lawsuit expense 400,000

Excess CCA for tax purposes (900,000)

Taxable income $ 300,000

The estimated lawsuit expense of $ 400,000 will be deductible in 2021 when it is expected to be paid. Use of the depreciable assets will result in taxable amounts of $ 300,000 in each of the next three years. The income tax rate is 20% for all years. The deferred tax liability to be recorded by Icelantic is:

a. $ 225,000.

b. $ 200,000.

c. $ 180,000.

d. $ 100,000.

10. At January 1, 2020, Marksman Corp.s defined benefit pension plan, had a defined benefit obligation of $ 100,000, while the fair value of the plan assets was $120,000. During 2020, the plan's current service cost was $ 150,000; past service costs were $ 80,000; Marksman contributed $110,000 to the plan; the actual and expected return on the plan assets was $9,000; and benefits paid to retirees were $95,000. What is the fair value of the plan assets at December 31, 2020?

a. $239,000.

b. $205,000.

c. $144,000.

d. $135,000.