Answer:
$574,000
Explanation:
Calculation for the amount for pension liability that should be reported on Novak's balance sheet at December 31, 2017
Using this formula
Pension liability=Projected benefit obligation - Plan assets
Let plug in the formula
Pension liability=$2,621,000-2,047,000
Pension liability=$574,000
Therefore the amount for pension liability that should be reported on Novak's balance sheet at December 31, 2017 will be $574,000
