Lorien Company reports the following pension information for 2003:
|
Pension related interest cost for the year . |
$80,000 |
|
Pension fund assets, end of year |
$925,000 |
|
Pension obligation liability, end of year . . |
870,000 |
|
Pension service cost for the year |
75,000 |
|
Return on pension fund assets for the year. |
100000.00 |
1. What pension amount would Lorien report on its balance sheet as of the end of the year?
2. Compute the amount to be reported on the income statement as pension expense for the year.