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On January 1, 2021, Cullumber Co. has the following balances: Projected benefit obligation $3550000 Fair value of plan assets 3050000 The settlement rate is 11%.

On January 1, 2021, Cullumber Co. has the following balances: Projected benefit obligation $3550000 Fair value of plan assets 3050000 The settlement rate is 11%. Other data related to the pension plan for 2021 are: Service cost $305000 Amortization of prior service costs due to increase in benefits 102000 Contributions 505000 Benefits paid 230000 Actual return on plan assets 400000 Amortization of net gain 31000 The fair value of plan assets at December 31, 2021 is $3491000. $3550000. $3725000. $3950000

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