Lightfoot Industries sponsors a defined-benefit pension plan for its employees. As of January 1, 2020, the pension reported a Projected Benefit Obligation of $1,125,000 and fair value of Plan Assets of $900,000.

Lightfoot also reports the following as of January 1, 2020:

	Dr (Cr)
Net pension asset/liability	$ (225,000)
Accumulated other comprehensive income (AOCI)
Prior service cost	$ 60,000
Gains/Losses	$ -

Additionally, the following information is available for 2020:

Service cost	$ 210,000
Actual return of plan assets	$ 70,000
Amortization of prior service costs	$ 6,000
Benefits paid to retirees	$ 315,000
Contributions to the plan	$ 150,000
Discount rate	9.0%
Expected return rate	7.0%

Determine pension expense for 2020

Prepare the 2020 journal entry to reflect pension activity for Lightfoot Industries

What is the Net Pension Asset/Liability at the end of 2020?