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On January 1, 2021, Pharoah Co. had the following balances: Projected benefit obligation $7,350,000 Fair value of plan assets 7,350,000 Other data related to the

On January 1, 2021, Pharoah Co. had the following balances: Projected benefit obligation $7,350,000 Fair value of plan assets 7,350,000 Other data related to the pension plan for 2021: Service cost 310,000 Contributions to the plan 454,000 Benefits paid 445,000 Actual return on plan assets 463,000 Settlement rate 9% Expected rate of return 6%

Determine the projected benefit obligation at December 31, 2021. There are no net gains or losses.

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