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On January 1, 2020, McGee Co. had the following balances: Projected benefit obligation $6,400,000 Fair value of plan assets 6,000,000 Other data related to the

On January 1, 2020, McGee Co. had the following balances:

Projected benefit obligation $6,400,000

Fair value of plan assets 6,000,000

Other data related to the pension plan for 2019:

contributions to the plan 400,000

Benefits paid 350,000

On 1/1/2020, prior service cost was granted having

a present value of 150,000

Actual return on plan assets 430,000

Settlement rate 9%

Expected rate of return 7%

Amortized Prior Service cost 40,000

Amortization of net gain 50,000

Service cost 250,000

How much will be reported on the balance sheet as Pension Asset/Liability at year end ?

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