Webb Co., a publicly traded company, implemented a defined benefit pension plan for its employees on January 1, 2003. During 2003 and 2004, Webbs contributions fully funded the plan. The following data are provided for 2006 and 2005:

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	2006 Estimated	2005 Actual
Projected benefit obligation, December 31	$750,000	$700,000
Accumulated benefit obligation, December 31	520,000	500,000
Plan assets at fair value, December 31	675,000	600,000
Projected benefit obligation in excess of plan assets	75,000	100,000
Pension expense	90,000	75,000
Employers contribution	90,000	50,000

What amount should Webb report as a pension liability in its December 31, 2006 balance sheet?

1.