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The following information relates to Gallup Co. for 2020: Projected...

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Accounting

The following information relates to Gallup Co. for 2020:

Projected Benefit Obligation Market Value of Plan Assets
Balance on January 1 $650,000 $725,000
Balance on December32 $690,000 $740,000

Based on the above information, the net change (i.e. the journal entry) to the Pension Asset/Liability account for the year would be:

Credit of $25,000

Debit of $50,000

Credit of $50,000

Debit of $25,000

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