On January 1, 2024, Onyeocha Climbing Academy instituted a defined benefit pension plan for its employees. The annual service cost for each year of 2024 and 2025 was $600,000. The interest rate used to determine the projected benefit obligation is 10%. Both the actual and the expected return on plan assets are 8% for both years. Onyeocha funded the plan in the amount of $400,000 each January 1 , beginning on January 1,2024 What pension liability should Onyeocha report in its balance sheet for the year ended December 31,2025 ? Multiple Choice $393,440 $421,440 $481.440 On January 1, 2024, Onyeocha Climbing Academy instituted a defined benefit pension plan for its employees. The annual service cost for each year of 2024 and 2025 was $600,000. The interest rate used to determine the projected benefit obligation is 10%. Both the actual and the expected return on plan assets are 8% for both years. Onyeocha funded the plan in the amount of $400,000 each January 1 , beginning on January 1,2024 What pension liability should Onyeocha report in its balance sheet for the year ended December 31,2025 ? Multiple Choice $393,440 $421,440 $481.440