The following items appear on Hollingsworth Company’s financial statements.
1. Under the caption Assets:
Pension asset/liability.
2. Under the caption Liabilities:
Pension asset/liability.
3. Under the caption Equity:
Actuarial loss as a component of Accumulated Other Comprehensive Income.
4. On the income statement:
Pension expense.

Instructions
Explain the significance of each of the items above on corporate financial statements.