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On January 1, 2021, Pharoah Co. has the following balances: Projected benefit obligation Fair value of plan assets $4800000 4200000 The settlement rate is 10%.
On January 1, 2021, Pharoah Co. has the following balances: Projected benefit obligation Fair value of plan assets $4800000 4200000 The settlement rate is 10%. Other data related to the pension plan for 2021 are: Service cost Amortization of prior service costs Contributions Benefits paid Actual return on plan assets Amortization of net gain $312000 68000 352000 327000 344000 23200 The balance of the projected benefit obligation at December 31, 2021 is $5265000. $5280000. $5100000. $5592000
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