Dell Company adopted a defined benefit pension plan on January 1, 2017. Dell amortizes the initial prior service cost of $1,334,400 over 16 years. It assumes a 7% discount rate and an 8% expected rate of return. The following additional data are available for 2017:
Service cost for 2017....................................$320,000
Prior service cost amortization............................83,400
Employer contribution made at 12/31/2017............335,000
Required:
Compute the pension asset (liability) to be reported on Dell's December 31, 2017, balance sheet.