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A government has a single-employer defined benefit pension plan for its firefighters. At its December...

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Accounting

A government has a single-employer defined benefit pension plan for its firefighters. At its December 31, 2019 fiscal year-end, the government had a total pension liability for the plan of $1,200,000 and accumulated assets to pay the liability of $800,000. On December 31, 2020, the government had a total pension liability for the plan of $1,300,000 and accumulated assets to pay the liability of $780,000. The assets to pay the liability are reported as a part of the General Funds committed fund balance. What amount will the government report as its pension liability in its government-wide financial statements on December 31, 2020?

A.520,000

B.1,300,000

C.1,200,000

D.400,000

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