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Elliot & Company has a Fair Market value of Plan Assets of $625,000 and Projected Benefit Obligation of $600,000. What is the net funded status

Elliot & Company has a Fair Market value of Plan Assets of $625,000 and Projected Benefit Obligation of $600,000. What is the net funded status of the pension plan and does this reflect a pension asset or a pension liability?

Group of answer choices

overfunded / asset

underfunded / liability

overfunded / liability

underfunded / asset

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