The following pension-related values are determined on December 31, 2015 for Donuts, Corp.

Projected benefit obligation	$100,000
Accumulated benefit obligation	80,000
Plan assets at fair value	90,000
Accumulated OCI Prior service cost (dr.)	12,000

Required:

a. What would be the amount of the net pension asset or liability that would be reported in Donuts 2015 financial statements? Explain briefly.

b. Briefly explain what each of the four items represents for Donuts, Corp. AND where each item would be reflected in the financial statements.