Clark industries has a defined pension plan that specifies annual year-end retirement benefits equal to: 1.2 % x Service years x Final year's salary Stanley Mills was hired by Clark at the beginning of 2005.

Mills is expected to retire at the end of 2049 after 45 years of service.

His retirement is expected to span 15 years. At the end of 2024, 20 years after being hired, his salary is $80,000.

The company's actuary projects Mills salary to be $270,000 at retirement. The actuary's discount rate is 7%.

1. Estimate the amount of Stanley Mills retirement payments for the 15 retirement years earned as of the end of 2024.

2. What is the company's Projected benefit obligation (PBO) as of at the end of 2024 with respect to Stanley Mills?

3. Even though pension accounting centers on the PBO calculation, the Accumulated benefit obligation (ABO) still must be disclosed in the pension disclosure note. What is the company's ABO at the end of 2024 with respect to Stanley Mills?