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A company offers a defined benefit pension plan. At the end of 2022 the plan assets were $2,000,000 and the pension benefit obligation was $1,900,000.

A company offers a defined benefit pension plan. At the end of 2022 the plan assets were $2,000,000 and the pension benefit obligation was $1,900,000. During 2023, the service cost was $300,000, the actual return on plan assets was 6% (the expected return was 8%), the interest rate is 5%, the company contributed $200,000 to the pension fund, and retirees were paid $250,000.

  1. What is the pension benefit obligation at the end of 2023?
  2. What are the plan assets at the end of 2023?
  3. What was the pension expense for the year 2023?

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