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What amount should be recorded as pension liability

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Question - Payne Company implemented a defined benefit plan on January 1, 2020. The following data are provided on December 31, 2020:

Projected benefit obligation 103,000

Plan assets at fair value 78,000

Net periodic pension cost 90,000

Employer's contribution. 70,000

Required - What amount should be recorded as pension liability on December 31, 2020?

Reference no: EM133175617

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