On January 1, 2020, Binita Ltd. Follows ASPE reported the following balances relating to their defined benefit pension plan: Defined benefit obligation $1,600,000 Fair value of plan assets 1,600,000 Other data related to the pension plan for calendar 2020 are: Current service cost 70,000 Contributions to the plan 103,000 Benefits paid 100,000 Actual return on plan assets 96,000 Interest rate 8.6% Discount rate 8.6% Instructions a. Calculate the defined benefit obligation at December 31, 2020.