The trustee for the Bronson Corporation pension sent a report to the CEO with the following information for the fiscal year: Beginning balance of plan assets at fair value$1,560,000 Actual return on plan assets$210,000 Employer's contribution$150,000 Distributions to retirees$75,000 Service cost$125,000 Interest cost$156,000 Loss from changes in benefits or assumptions$35,000 Beginning balance of the PBO$1,580,000 At the end of the year, the pension plan is:
A. underfunded by $24,000.
B. overfunded by $24,000.
C. overfunded by $20,000.
D. underfunded by $20,000.
Answer: B
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