Sleep More Inc., a mattress manufacturer, decides to participate in a pension plan commencing on January 1, 2018. The plan requires a pension payment each year following retirement. An actuary provides the following information: On average, employees will retire in 11 years, their expected life following retirement is 10 years, and the required payment made at the end of each year after retirement is $1,000,000. The interest rate is 8%, compounded annually Read the requirement. (Use the present value and future value tables, the formula method, a financial calculator, or a spreadsheet for your calculations. If using present and future value tables or the formula method, use factor amounts rounded to five decimal places, X.XXXXX. Round intermediary currency computations and your final answer to the nearest cent, $X.XX.) The company should report a present value (PV) of the pension liability of D at January 1, 2018 o n its balance sheet