Using the following information, compute the funded status to be reported on the balance sheet.

Service cost = $75,000

Contributions to plan = 60,000

Return on plan assets = 80,000

Projected benefit obligation (beginning of year) = 900,000

Fair value of plan assets (beginning of year) = 800,000

Prepaid/Accrued pension cost (beginning of year) = 100,000

Benefits paid in the current year = 70,000

Settlement rate = 10%