Finch Industries has a defined benefit pension plan for its employees. As at December $31,2021,$ the market value of the plan assets is less than the accumulated benefit obligation however the projected benefit obligation exceeds the accumulated benefit obligation. Based on this, what amount should Finch report as a liability on their December $31,2021$ statement of financial position?

Select answer from the options below

The projected benefit obligation.

The accumulated benefit obligation.

The excess of the projected benefit obligation over the fair value of the plan assets.

The excess of the accumulated benefit obligation over the fair value of the plan assets.