Net Pension Liability Calculation

ABC Corporation has a defined benefit plan that promises employees a retirement benefit based on their final salary and years of service. As of the most recent fiscal year-end, the plan had an projected benefit obligation (PBO) of $2 million, with plan assets of $1.5 million. The corporation must recognize its obligation to fund the pension and ensure it meets the projected payouts. Given this context, what is the amount that ABC Corporation must report as its net pension liability in its financial statements?