Pension Comprehensive Problem

XYZ Company has the following defined benefit pension information for 2020:

Plan Asset Fair Value, 1/1/20: $50,200,000

Plan Asset Fair Value, 12/31/20: $47,100,000

Projected Benefit Obligation: 1/1/20: $78,500,000

Pension Asset: $6,000,000

Service Cost: $4,765,000

Prior Service Cost enacted on 1/1/20: $5,000,000.

Prior Service Cost will be amortized under the years of service method. Total service years are expected to be 250. There are 65 service years in 2020.

Discount Rate: 3%

Contributions: $5,900,000

Benefits Paid: $6,250,000

Directions:

a) Compute Pension Expense for 2020

b) Prepare the journal entry to record pension expenses.

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a)

Actual Return on Pension Plan Assets:

( $47,100,000 $50,200,000) ($5,900,000 $6,250,000)

= -3,100,000 (-350,000)

Actual Return on Plan Assets = -2,750,000

Prior Service Cost Amortization:

($5,000,000/250) x 65 = $1,300,000

Pension Expense

Service Cost $4,765,000

Add: Interest Cost ($78,500,000 x .03) 2,355,000

Add: Prior Service Cost Amortization 1,300,000

Less: Actual Return on Plan Assets (-2,750,000)

Pension Expense: $11,170,000

B)

12/31/20

Pension Expense 11,170,000

Pension Liability ???

Pension Asset . ???

Cash.. 5,900,000

Other comprehensive income. 1,300,000

I already did the first part but I don't know how to get Pension liability or Pension asset. The problem information says that pension asset is 6,000,000 but debit and credit needs to equal. PLEASE HELP FIGURE OUT THE QUESTION MARKS ON PART B AND SHOW ALL WORK!