19. Manhattan Company has established a defined benefit pension plan for a hardworking employee. Annual payments under the pension plan are equal to the employee's highest lifetime salary multiplied by 2% multiplied by number of years with the company. On December 31, 2018, the employee had worked for the company for 10 years. The salary in 2018 was P1,000,000. The employee is expected to retire in 25 years and 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%. Future value of 1 at 3% for 25 periods is 2.094; present value of an ordinary annuity of 1 at 8% for 15 periods is 8.559; and present value of 1 at 8% for 25 periods is 0.146. what is the defined benefit obligation on December 31, 2018? A. 200,000 B. 249,922 C. 418,800 D. 523,338