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The following information for the Company is given below: December 31, 2021 Assets and obligations Plan assets (at fair value) $1,200,000 Accumulated benefit obligation 2,220,000 Projected benefit obligation 2,400,000 Other Items Pension asset / liability, January 1, 2021 60,000 Contributions 720,000 Accumulated other comprehensive loss 1,007,400 There were no actuarial gains or losses at January 1, 2021. The average remaining service life of employees is 10 years. What is the amount that the Company should report as its pension asset/liability on its balance sheet as of December 31, 2021? $1,200,000 asset $2,400,000 asset $2,220,000 liability $1,200,000 liability

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