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Foster Corporation received the following report from its actuary at the end of the year:
December 31, 2017 December 31, 2018
Projected benefit obligation $4,000,000 $4,400,000
Accumulated benefit obligation 2,600,000 2,960,000
Fair value of pension plan assets 2,760,000 2,880,000
The amount reported as the pension liability at December 31, 2017 is
a. $160,000
b. none of the above
c. $1,240,000
d. $1,400,000
e. $0
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