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 $740,000. The interest rate used to determine the projected benefit obligation is 12% Both the actual and the expected return on plan assets are 10% for both years. Gillock funded the plan in the amount of $540,000 each January 1, beginning on January 1, 2021 What pension liability should Gilock report in its balance sheet for the year ended December 31, 2022? Multiple Choice o $321,400 $375,400 O O $410,200 $499.000