Defined Benefit Pension Plan Terms In a recent year's financial statements, Procter & Gamble showed an unfunded pension liability of $5,599 million and a periodic pension cost of $434 million. Select the correct statement that reflects the meaning of the $5,599 million unfunded pension liability a. The $5,599 million unfunded pension cost is a measure of the amount of pension paid out the retirees during the year. b. The obligation decreases yearly by the amount of the $5,599 million unfunded pension cost. c. The $5,599 million unfunded pension liability is the approximate amount that the value of the net assets of the pension plan exceeds the pension obligation. d. The $5,599 million unfunded pension liability is the approximate amount of the pension obligation that exceeds the value of the net assets of the pension plan. The correct answer is: Select the correct statement that reflects the meaning of the $434 million periodic pension cost. a. The $434 million periodic pension cost is a measure of the amount of pension paid out the retirees during the year. b. The obligation decreases yearly by the amount of the $434 million periodic pension cost. c. The $434 million periodic pension cost is a measure of the amount of pension earned by employees during the year d. The $434 million periodic pension liability is the approximate amount of the pension obligation that exceeds the value of the net assets of the pension plan The correct answer is