On January 1, 2019, a company's defined benefit pension plan had a projected benefit obligation (PBO) of $380,000. The fair value of its pension plan assets on January 1 was $350,000. During 2019, the company contributed $50,000 to the pension plan and paid pension benefits to retirees in the amount of $70,000. The settlement rate for the pension plan for 2019 was 12%. Service cost for the year was estimated to be $109,000. The expected rate of return on pension plan assets was 8%, but there was a negative actual return on pension plan assets of -10% due to risky investments that performed substantially worse than expected (i.e., there was an actual loss on pension plan assets of 10%). The beginning net actuarial gain in "AOCIActuarial Gains and Losses" was $37,000.

What was the PBO balance at December 31, 2019?

A.

$489,000.

B.

$464,600.

C.

$425,600.

D.

$477,680.

E.

$310,000.