On January $1,2024,$ Onyeocha Climbing Academy instituted a defined benefit pension plan for its employees. The annual service cost for each year of $2024$ and $2025$ was $$740,000.$ The interest rate used to determine the projected benefit obligation is $12\%.$ Both the actual and the expected return on plan assets are $10\%$ for both years. Onyeocha funded the plan in the amount of $$540,000$ each January $1,$ beginning on January $1,2024.$

What pension liability should Onyeocha report in its balance sheet for the year ended December $31,2025?$

Multiple Choice

$$321,400$

$$499,000$

$$410,200$

$$375,400$