The following pension information was disclosed by Abbott Laboratories: Defined Benefit Plans 2016 2015 7,820 $ 8,345 263 307 288 314 $ (in millions) Projected benefit obligations, January 1 Service cost-benefits earned during the year Interest cost on projected benefit obligations (Gains) losses, primarily changes in discount rates, plan design changes, law changes and differences between actual and estimated health care costs Benefits paid Business dispositions Other, including foreign currency translation Projected benefit obligations, December 31 645 (242) (574) (230) (117) (225) 7,820 (257) 8,517 $ A Plan assets at fair value, January 1 Actual return (loss) on plans' assets Company contributions Benefits paid Business dispositions Other, including foreign currency translation Plan assets at fair value, December 31 6,772 $ 631 582 (242) 6,754 (56) 579 (230) (113) (162) 6,772 $ (201) 7,542 $ a. Determine the funded status of the pension plan in 2016 and 2015. b. Explain how the funded status affects Abbott's 2016 balance sheet. c. Describe how service cost affects Abbott Labs' total pension expense for 2016. d. Explain how benefits paid affect both the pension obligation and the pension assets