The following information is related to the defined benefit pension plan of Xavier Company for 2012:

 

Service cost	$60,000
Contributions to pension plan	142,400
Benefits paid to retirees	150,000
Plan assets (fair value), January 1	740,000
Plan assets (fair value), December 31	850,000
Unamortized Prior Service Cost, January 1	160,000
Unamortized Prior Service Cost, December 31	110,000
Actual return on plan assets	150,000
PBO, January 1	900,000
PBO, December 31	960,000
ABO, December 31	890,000
Discount rate	10%
Long-term expected return on plan assets	9%

 

Required:

	Will it be necessary for the company to report a minimum pension liability at Dec. 31, 2012? If so what is the amount.