Payne, Inc., a nonpublicly traded company, implemented a defined benefit pension plan for its employees on January 2, year 2. The following data are provided for year 2, as of December 31, year 2:
Fair value of plan assets: $78,000
Projected benefit obligation: $103,000
Net periodic pension cost: $90,000
Employer's contribution: $70,000
What amount should Payne record as pension liability at December 31, year 2?
a. $0
b. $25,000
c. $20,000
d. $45,000
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