On January 1, 2021, Newlin Co. has the following balances: Projected benefit obligation $3,500,000 Fair value of plan assets 3,000,000 The settlement rate is 10%. Other data related to the pension plan for 2021 are: Service cost $300,000 Amortization of prior service costs due to increase in 100,000 benefits Contributions Benefits paid Actual return on plan assets Amortization of net gain The fair value of plan assets at December 31, 2021 is $3,500,000. $3,670,000. $3,895,000. $3,440,000. 500,000 225,000 395,000 30,000