Webb Co., a publicly traded company, implemented a defined benefit pension plan for its employees on January 1, 2007. During 2007 and 2008, Webb’s contributions fully funded the plan. The following data are provided for 2010 and 2009:

2010 Estimated 2009 Actual Projected benefit obligation, December 31 $750,000 $700,000 Accumulated benefit obligation, December 31 520,000 500,000 Plan assets at fair value, December 31 675,000 600,000 Projected benefit obligation in excess of plan assets 75,000 100,000 Pension expense 90,000 75,000 Employer’s contribution 90,000 50,000 What amount should Webb report as a pension liability in its December 31, 2010 balance sheet?

a. $ 50,000

b. $ 60,000

c. $ 75,000

d. $100,000