Salt Industries adopted a defined benefit pension plan on January 1, 2013. By making the provisions of the plan retroactive to prior years, Salt incurred a prior service cost of $2 million. The prior service cost was funded immediately by a $2 million cash payment to the fund trustee on January 2, 2013. However, the cost is to be amortized (expensed) over 10 years. The service cost$250,000 for 2013is fully funded at the end of each year. Both the actuary's discount rate and the expected rate of return on plan assets were 9%. The actual rate of return on plan assets was 11%. At December 31, the trustee paid $16,000 to an employee who retired during 2013. Required: A. Determine each of the following amounts as of December 31, 2013, the fiscal year-end for Cord: Projected benefit obligation Plan assets Pension expense Net pension asset or liability B. Record all necessary journal entries during 2013 (i.e. pension expense, gains or losses, past service cost, funding, payment of benefits, etc., as necessary).