Problem 17-6 Determine the PBO; plan assets; pension expense; two years [LO3, 4, 6] Stanley-Morgan Industries adopted a defined benefit pension plan…

Problem 17-6 Determine the PBO; plan assets; pension expense; two years [LO3, 4, 6]Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2011. The provisions of the plan were not made retroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. A consulting firm, engaged as actuary, recommends 6% as the appropriate discount rate. The service cost is $150,000 for 2011 and $200,000 for 2012. Year-end funding is $160,000 for 2011 and $170,000 for 2012. No assumptions or estimates were revised during 2011.Required:Calculate each of the following amounts as of both December 31, 2011, and December 31, 2012 (Enter your answers in thousands. Round your answers to the nearest whole dollar number. Omit the “$” sign in your response):

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