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 5% as the appropriate discount rate. The service cost is $260,000 for 2013 and $350,000 for 2014. Year-end funding is $270,000 for 2013 and $280,000 for 2014. No assumptions or estimates were revised during 2013.

Required:

Calculate each of the following amounts as of both December 31, 2013, and December 31, 2014: (Enter your answers in thousands (i.e., 200,000 should be entered as 200).)

dec, 31 2013 dec, 31 2014

Projected benifit obligation ___________ ____________

Plan assets ____________ ____________ Pension expense ____________ ____________ net pension asset or net pension liabliity ______ _____________