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What the balance of the projected benefit obligation

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Question - On January 1, 2017, Makoto Co. has the following balances:

Projected benefit obligation $2,730,000

Fair value of plan assets 2,340,000

The settlement rate is 10%. Other data related to the pension plan for 2017 are:

Service cost $234,000

Amortization of unrecognized prior service costs 77,600

Contributions 390,400

Benefits paid 140,500

Actual return on plan assets 304,500

Amortization of unrecognized net gain 27,800

Required - What the balance of the projected benefit obligation at December 31, 2017?

a. $3,096,500.

b. $3,061,500.

c. $3,038,100.

d. $3,490,500.

Reference no: EM133057413

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