Sharks Company implemented a defined benefit pension plan for its employees. The following data are provided for 2021 and 2020. Determine the benefit payments to retirees in 2021, assuming no PSC adjustment or gain or loss on the PBO in 2021 and a discount rate of \(7 \%\).

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2021 2020 Projected Benefit Obligation, December 31 Plan Assets, December 31. $187,500 168,750 $175,000 150,000 Service cost 22,500