Exercise 6-14 Your answer is incorrect. Try again Sheridan, Inc. is a furniture manufacturing company with so employees. Recently, after a long negotiation with the local labor union, the company decided to initiate a pention plan as a part of its compensation plan. The plan will start on January 1, 2017. Each employee covered by the plan is entitled to a pension payment each year after retirement. As required by accounting standards, the controller of the company needs to report the pension obligation (lability. On the basis of a discussion with the supervisor of the Personnel Department and an actuary from an insurance company, the controller develops the following information related to the pension plan Average length of time to retirement 14 years Expected life duration after retirement 10 years Total pension payment expected each year after retirement for all employees. Payment made at the end of the year $329,000 per year The Interest rate to be used is 10% Odk here to view factor tables On the basis of the information above, determine the present value of the pension obligation ability). (Round Factor values to decimal places 1.25126 and al wer to decimal places, 0.45581) The present value of penulan obligation (lability) 1341217 Click if you would like to show Work for this questions On Show Work