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On January 1,2024, Onyeocha Climbing Academy instituted a defined benefit pension plan for its employees....

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Accounting

On January 1,2024, Onyeocha Climbing Academy instituted a defined benefit pension plan for its employees. The annual service cost for each year of 2024 and 2025 was $670,000. The interest rate used to determine the projected benefit obligation is 12%. Both the actual and the expected return on plan assets are 10% for both years. Onyeocha funded the plan in the amount of $470,000 each January 1, beginning on January 1,2024.
What pension liability should Onyeocha report in its balance sheet for the year ended December 31,2025?

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