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: $ 5,423,000 6,549,000 61,600 Fair value of plan assets, 31 December 20x8 Defined benefit obligation, 31 December 20x8 Actual return on plan assets for 2009 Past service cost from amendment dated 31 December 2009, 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 2009 Benefits paid to retirees during 28x9 Current service cost for 20x9 (208,200) (608,700) 475,000 110,000 252,900 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 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 20K9 Net defined benefit pension liability, 31 December 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 liability, 31 December 20X9 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: $ 5,423,000 6,549,000 61,600 Fair value of plan assets, 31 December 20x8 Defined benefit obligation, 31 December 20x8 Actual return on plan assets for 2009 Past service cost from amendment dated 31 December 2009, 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 2009 Benefits paid to retirees during 28x9 Current service cost for 20x9 (208,200) (608,700) 475,000 110,000 252,900 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 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 20K9 Net defined benefit pension liability, 31 December 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 liability, 31 December 20X9