RECONCILE PBO/FMV OF PLAN ASSETS. Given the following information, compute December 31, 2010 projected benefit obligation (PBO) and fair market value (FMV) of plan assets for Lee Company.
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Prior service cost granted in a 2010 plan amendment
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$110,000
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Interest on PBO
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70,000
|
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Actual return on plan assets
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100,000
|
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Service cost
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80,000
|
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Contribution sent to plan trustee
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60,000
|
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Benefit payments to retirees
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20,000
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Liability loss (gain)
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(30,000)
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FMV of plan assets, January 1, 2010
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750,000
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PBO, January 1, 2010
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800,000
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What amount of asset or liability will be reported on the balance sheet at December 31, 2010?