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: $5,448,000 6,599,000 62,100 (213,200) Fair value of plan assets, 31 December 2008 Defined benefit obligation, 31 December 2008 Actual return on plan assets for 20x9 Past service cost from amendment dated 31 December 2009, liability is reduced because benefits were reduced Actuarial revaluation dated 31 December 20X9; liability is reduced because of changed mortality assumptions Funding payment at year-end 20x9 Benefits paid to retirees during 20x9 Current service cost for 20x9 (613,700) 500,000 115,000 255,400 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 liability 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 $ 0 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 X 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. Note : -journal entry has been entered Record entry Clear entry View general journal 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 liability, 31 December 20X9