Current GAAP regarding employers' accounting for defined benefit pension plans defines a pension plan as

being underfunded at the end of the period when the

fair value of plan assets exceeds the projected benefit obligation.

projected benefit obligation exceeds the fair value of plan assets.

accumulated benefit obligation exceeds the fair value of the plan assets.

fair value of the plan assets exceed the accumulated benefit obligation.

ACE has a defined benefit pension plan. ACE is preparing the December $31,2020$ financial statement disclosures

related to the plan assets. It should disclose which of the following?

I. Expected Return on Plan Assets

II$.$ Actual Return on Plan Assets

II

both I and II

neither I nor II