Urban Life Ltd, sponsors a defined benefit pension plan for its employees. It is now the 20x9 fiscal year. An appropriate interest rate for long-term debt is 7%. Information with respect to the plan is as follows: Fair value of plan assets, 31 December 20x8 $5,453,000 Defined benefit obligation, 31 December 20x8 6.509,000 Actual return on plan assets for 20x9 62,200 Past service cost from amendment dated 31 December 2exs, lability is reduced because benefits were reduced (214,200) Actuarial revaluation dated 31 December 20x9; liability is reduced because of changed mortality assumptions (614,700) Funding payment at year-end 20x9 505.000 Benefits paid to retirees during 2ex9 116,000 Current service cost for 20x9 255,900 Required: 1. Calculate the SFP net defined benefit pension liability as of 31 December 20x8. Net defined benefit pension liability, 31 December 20X8 2. Calculate the net defined benefit pension Hability as of 31 December 20x9 by calculating the defined benefit obligation and the fair value of plan assets at 31 December 20X9. Defined benefit obligation, 31 December 20X9 Fair value of plan assets, 31 December 20x9 Net defined benefit pension liability, 31 December 20X9 3. Analyze the three elements of pension accounting for 20x9 service cost, net interest, and remeasurements. Prepare entries, and also an entry for the contribution to the fund during 2009. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet