On January 1, 2020, Wang Ltd Instructions
A) Calculate the Defined Benefit Obligation at December

On January 1, 2020, Wang Ltd. reported the following balances relating to their defined benefit pension plan:
$\begin{array}{ll} & \text{ Dec. 31, 2020 } & \text{ Jan. 1, 2020 } \\\text{ Defined benefit obligation }.............................................. & (a) & \$ 1,200,000 \\\text{ Fair value of plan assets.} ................................................. & (b) & 1,170,000 \\\text{ Current service cost } ....................................................... & \$ 95,000 & \\\text{ Contributions to the plan } ..............................................& 104,000 & \\\text{ Benefits paid } ................................................................. & 100,000 & \\\text{ Actual return on plan assets} ........................................... & 92,000 & \\\text{ Interest (discount) rate } .................................................& 8\% & \\\text{ Pension expense }............................................................. & (c) & \\ \end{array}$
Instructions
a) Calculate the defined benefit obligation at December 31, 2020.
b) Calculate the fair value of plan assets at December 31, 2020.
c) Calculate pension expense for 2020.
d) Prepare the journal entries to record the pension expense and the contributions for 2020.