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 6%. Information with respect to the plan is as follows: $5,408,000 6,519,000 61,300 Fair value of plan assets, 31 December 20X8 Defined benefit obligation, 31 December 20x8 Actual return on plan assets for 20x9 Past service cost from amendment dated 31 December 20x9, liability is reduced because benefits were reduced Actuarial revaluation dated 31 December 2009; liability is reduced because of changed mortality assumptions Funding payment at year-end 20x9 Benefits paid to retirees during 2009 Current service cost for 2009 (205,200) (605,700) 460,000 107,000 251,400 Required: 1. Calculate the SFP net defined benefit pension liability as of 31 December 20X8. Net defined benefit pension liability, 31 December 20X8 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 journal entry required" in the first account field.) View transaction list Journal entry worksheet