11. Woodstock Company has established a defined benefit pension plan for the employees. Annual payments under the pension plan are equal to an employee's highest lifetime salary multiplied by 2% multiplied by number of years with the entity On December 31, 2020, an employee had worked for Woodstock Company for 10 years. The current salary of the employee is P500,000. The employee is expected to retire in 25 years and the the salary increases are expected to average 3% per year during that period. The employee is expected to live for 15 years after retiring and will receive the first annual pension payment one year after retirement The discount rate is 8%. The relevant present value and future value factors are: Future value of 1 at 3% for 25 perioda PV of an ordinary annuity of 1 at 8% for 15 periods 8.569 PV of 1 at 8% for 26 periodo Required: Determine the projected benefit obligation on December 31, 2020 2.094 0.146