The following information is related to a company's pension plan:
Projected benefit obligation	$5,000
Accumulated benefit obligation	4,000
Plan assets (fair value)	3,000
Accrued/prepaid pension cost	800
Prior service cost	1,800
Required:

1. Prepare the adjusting journal entry to update the pension liability.
2. Assume that instead of Accrued/Prepaid Pension Cost having a credit balance of $800, it had a $600 debit balance. Prepare the adjusting journal entry to record the pension liability.