On January 1, 2021, Gillock Climbing Academy instituted a defined benefit pension plan for its employees. The annual service cost for each year of 2021 and 2022 was $710,000. The interest rate used to determine the projected benefit obligation is 11%. Both the actual and the expected return on plan assets are 10% for both years. Gillock funded the plan in the amount of $510,000 each January 1, beginning on January 1, 2021. What pension liability should Gillock report in its balance sheet for the year ended December 31, 2022? O Multiple Choice $320,000 $37,000 5476.200 $398300