Answer:
The amount should pension liability be credit at December 31, 2020 would be $(237,800)
Explanation:
In order to calculate the amount should pension asset/liability be credit at December 31, 2020 we would have to make the following calculation according to the given data:
amount pension asset/liability=Project benefit obligation+Plan assets at fair value
amount pension asset/liability=$(554,800)+$317,000
amount Pension liability= $(237,800)
The amount should pension liability be credit at December 31, 2020 would be $(237,800)
Project benefit obligation= $(560,000)
Plan assets at fair value= 322,000
Pension liability= $(238,000)
