Payne, Inc., a nonpublicly traded company, implemented a defined benefit pension plan for its employees on January 2, 2006. The following data are provided for 2006, as of December 31, 2006:
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|
Accumulated benefit obligation |
$103,000 |
|
Plan assets at fair value |
78,000 |
|
Net periodic pension cost |
90,000 |
|
Employer’s contribution |
70,000 |
Assuming that the company has not elected to early adopt SFAS 158, what amount should Payne record as additional minimum pension liability at December 31, 2006?
- $0
- $ 5,000
- $20,000
- $45,000