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Please read the following statement and elaborate: If pension expense recognized in a period exceeds the current amount funded by the employer, a Pension Liability

Please read the following statement and elaborate:

If pension expense recognized in a period exceeds the current amount funded by the employer, a Pension Liability is created. This transaction could also be an offset to a pension asset account if there is currently one on Balance sheet. This would be reported on the Balance Sheet as a long-term liability.

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