Fox Company received the following reports on its defined benefit pension plan for the year 2020:

PBO		Plan assets
Balance, January 1	$720,000	Balance, January 1	$600,000
Service cost	432,000	Expected return	48,000
Interest cost	76,800	Annual contribution	264,000
Benefits paid	(108,000)	Benefits paid	(108,000)
Balance, December 31	$1,120,800	Balance, December 31	$804,000

Assuming no other data are relevant, in the year of 2020, the Pension Asset/Liability account should:

A) Debited for a total of $312,000; be credited for a total $508,800 respectively.

B) Debited for a total of $508,800; be credited for a total $312,000 respectively

C) Debited for a total of $508,800 only.

D) Credited for a total of $312,000 only.

E) None of the above