Exercise 17-12 PBO calculations; ABO calculations; present value concepts [LO17-1, 17-2, 17-3 Clark Industries has a defined benefit pension plan that specifies annual retirement benefits equal tor 12% . Service years x Final year's salary Staniley Mills was hired by Clark at the beginning of 1999 Mils is expected to reire at the end of 2043 after 45 years of service. His projects Miss salary to be $270,000 at retrement. The actuary's discont rate is 7% (EyotSt PyatRA0SL P ADSI BAOof vetirement is expected to span 15 years. At the end of 2018. 20 years after being hired, his salary is $80,000. The company's achuary enson $1 and PVAD of S (Use appropriate factor(s) from the tables provided.) Required: l Estimate the amount of Sanley Mills's annual e etrement payments for the is retirement years earned as ofhe end of 20 2. Suppose Clark's pension plan permits a lump-sum payment at retrement in lieu of annuity payments. Determine the lump-sum equivalent as the present value as of the retirement date of annuity payments duning the reairement period 3. What is the company's projected benefe obligation at the end of 2018 with nespect to Stanley Mils? 4. Even though pension accounting centers on the PBO calculation, the ABO stil must be disclosed in the pesion disclosure noe What is the company's accumalaned benefit obigation at the end of 2018 with respect to Stanley MiBs? 5. r! vve ossume no estimates change in tho meareme, whot is the company's projected benefit obligation at respect to Stanley Mias? 6. What portion of the 2019 increase in the PBO is wmributable to 2019 service the service cost component of pension expensel and to end of 2019 with accrued interest ghe interest cost component of pension expense? For all requirements, round final answers to the nearest whole deillers O. command option option command