On January 1, 2015, Parks Co. has the following balances:

Projected benefit obligation $4,200,000

Fair value of plan assets $3,750,000

The settlement rate is 10%. Other data related to the pension plan for 2015 are:

Service cost $240,000

Amortization of prior service costs $54,000

Contributions $270,000

Benefits paid $250,000

Actual return on plan assets $264,000

#7. The balance of the projected benefit obligation at December 31, 2015 is $

#8. The fair value of plan assets at December 31, 2015 is $

#9. The funded status of this pension as of December 31, 2015 is (Must indicate overfunded or underfunded and $$ amount)

Questions 12, 13 & 14

Lyons Company deducts insurance expense of $210,000 for tax purposes in 2018, but the expense is not yet recognized for accounting purposes.

In 2019, 2020, and 2021, no insurance expense will be deducted for tax purposes, but $70,000 of insurance expense will be reported for accounting purposes in each of these years.

Lyons Company has a tax rate of 40% and income taxes payable of $180,000 at the end of 2018.

There were no deferred taxes at the beginning of 2018.

#12. What is the amount of the deferred tax liability at the end of 2018?

#13. What is the amount of income tax expense for 2018?

#14. Assuming that income taxes payable for 2019 is $240,000, the income tax expense for 2019 would be what amount?