Information for the Sunland Company pension plan in $2026$ is as follows:

$,$ Service cost is $$73000$

Settlement rate is $10\%,$ expected rate of return is $10\%$

$,$ Actual return on plan assets is $$230000$

There are no prior service costs to amortize

Annual funding contribution is $$98000$

Benefits paid to retirees during the year are $$86000$

Average service life of all covered employees is $15$ years

The projected benefit obligation on January $1,2026$ was $$1180000$

The value of plan assets on January $1,2026$ was $$980000$

The balance in Other Comprehensive Income$-$ Gains$/$Losses is a $$215000$ credit on December $31,2025.$

What is the balance of plan assets on December $31,2026?$

$$980000$

$$1222000$

$$1198000$