Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2013. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. A consulting firm, engaged as actuary, recommends 6% as the appropriate discount rate, The service cost is $150,000 for 2013 and $240,000 for 2014. Year-end funding is $160,000 for 2013 and $170,000 for 2014. No assumptions or estimates were revised during 2013.

Calculate each of the following amounts as of both December 31, 2013, and December 31, 2014: SHOW ALL WORK.

1.Projected benefit obligation Dec.31, 2013 =? Dec.31, 2014 =?

2.Plan Assets Dec. 31, 2013=? Dec. 31, 2014 =?

3.Pension Expense Dec. 31, 2013 =? Dec. 31, 2014 =?

4. Net Pension asset or net pension liability Dec. 31, 2013 =? Dec. 31, 2014 =?