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Question - Roanoke Corp initiated a defined benefit pension plan on January 1, 2017. This plan provides pension benefits for future services and past services. An actuary is required to calculate the defined benefit plan (DBO) liability on January 1, 2017, to be CU 550,000,000. Now is the date December 31, 2019, where you are given the following information for 2019 (Thousands of CU):
Current service fees during 2019
125,000
Interest expense on plan liabilities
34,000
The actual benefit of plan assets
28,500
Current value of DBO as of January 1, 2019
680,000
Contribution paid to the program during 2019
130,000
Payment of pension benefits during 2019
22,000
Losses on Remeasurement of defined benefit plan liability
11,000
Required -
1. What was the balance of program liabilities as of December 31, 2019 calculated by the actuary?
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