What amount of asset will be reported on the balance sheet

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Reference no: EM13902085

RECONCILE PBO/FMV OF PLAN ASSETS. Given the following information, compute December 31, 2010 projected benefit obligation (PBO) and fair market value (FMV) of plan assets for Lee Company.

Prior service cost granted in a 2010 plan amendment	$110,000
Interest on PBO	70,000
Actual return on plan assets	100,000
Service cost	80,000
Contribution sent to plan trustee	60,000
Benefit payments to retirees	20,000
Liability loss (gain)	(30,000)
FMV of plan assets, January 1, 2010	750,000
PBO, January 1, 2010	800,000

What amount of asset or liability will be reported on the balance sheet at December 31, 2010?

Reference no: EM13902085

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