XYZ Inc., a publicly accountable entity has initiated a defined benefit pension plan for all employees effective January 1, 2019 at an initial cost of $700,000. At the commencement of the plan, the company provided $300,000 of funding. Future pension benefits earned in the current period amounted to $450,000. In 2019, the average yield on high-quality corporate debt equaled 4.2%. Payments to retirees in the current year paid at the end of the year equaled $120,000. At the end of the current year, the actuary reported an estimate of $1,100,000 and the trustee reported the fair value of the plan assets to be $350,000.

i. Prepare a continuity schedule of the Defined Benefit Obligation and the Plan Assets for 2019.

ii. Calculate the funded status on December 31, 2019.