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 5%. Information with respect to the plan is as follows Fir value of plan anaeta, 31 December 20x8 55, 403,000 Defined benefit obligation, 31 December 2008 6,509,000 Actual return on plan assets for 2009 61,200 Pant Bervice cost from amendment dated 31 December 20X9. liability is reduced because benefics were reduced (204.2003 Actuarial revaluation dated 31 December 20x liability 10 reduced because of changed mortality assumptions 1604,700) Funding payment at year-end 20x9 155,000 Benefits paid to retirees during 2009 106,000 Current service cost for 2009 250, 900 Required: 1. Calculate the SFP net defined benefit pension liability as of 31 December 20x8. Not defined benefit pension liability, 31 December 20x8 2. Calculate the net defined benefit pension liability as of 31 December 2049 by calculating the defined benefit obligation and the fair value of plan assets at 31 December 20X9. Defined benefit obligation 31 December 2009 Fair value of plan assets, 31 December 20X9 Not 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 20X9. (If no entry is required for a transaction/event, select "No joumal entry required" in the first account field.) View transaction list 1 Record the service cost for 20x9. 2 Record the net interest for 20x9. 3 Record experience loss on assets. 4. Record actuarial gain due to change in assumptions. Credit 5 Record the contribution to the fund for 20x9 4-a. Calculate the SFP net defined benefit pension liability as of 31 December 20X9, reflecting requirement 1 and the entries in requirement 3 Net defined benefit pension lability, 31 December 20X3