VL Leasing Associates provides you with the following information for the current year: 3(Click the icon to view the information.) Determine the pension asset or liability to be reported on the balance sheet of VL Leasing Associates at the end of the year. First, calculate the ending balance of the projected benefit obligation. i Data Table Projected Benefit Obligation $ Beginning projected benefit obligation Settlement rate 1,300,000 3% 360,000 260,000 Service costs for the current year Pension benefits paid Next, calculate the ending balance of plan assets at fair value. 87,000 Plan Assets at Fair Value Contributions into the plan Beginning plan assets at fair value (equal to the market related asset value) Actual return on plan assets (equal to the expected return) 1,170,000 130,000 Print Done ; therefore, of the same amount is The funded status of the plan is L by $ reported on VL Leasing's balance sheet at the end of the year