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On January 1, 2010, Phoenix Company estimated a projected benefit obligation of P4,400,000 based on a settlement rate of 12%. Pension benefits paid to retirees

On January 1, 2010, Phoenix Company estimated a projected benefit obligation of P4,400,000 based on a settlement rate of 12%. Pension benefits paid to retirees totaled P600,000. Service cost for 2010 amounted to P1,480,000. The fair value of plan assets totaled P3,500,000 and P4,000,000 on January 1, 2010 and December 31, 2010, respectively. What is the projected benefit obligation on December 31, 2010?

A. 6,408,000

B. 5,808,000

C. 5,280,000

D. 6,308,000

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