Floki Company has a defined benefit pension plan with Last Warwick Trust Company. On December $31,2022$

Plan Assets were $$500,000$ while the Plan Benefit Obligation was $$480,000.$

During $2022$ Last Warwick paid benefits to retirees of $$60,000.$ In addition, expected earnings were $$75,000$

while actual earnings were $$85,000.$ The service cost for the year was $$65,000,$ and interest cost or settlement

was $$45,000.$ Floki constributed $$140,000$ during the year to the pension fund.

There were no amortizations of prior service cost nor other comprehensive income gains or losses.

There were no amendments to the plan.

PREPARE A SCHEDULE to determine the beginning balance of the Pension Asset$/$Liability at January $1,2022.$

Use a pension worksheet to help you. State if the beginning balance is an asset or a liability.