Magritte Inc. provides a defined benefit pension plan for its employees (for which the corporation uses IFRS). At December 31, 2020, the fair value of the plan assets is less than the defined benefit obligation. In its statement of financial position at December 31, 2020, Magritte should report a net

defined benefit liability/asset of the defined benefit obligation.

fair value of the plan assets.

excess of the defined benefit obligation over the fair value of the plan assets.

excess of the plan assets over the defined benefit obligation.