On January 1, 2022, Parks Co. has the following balances:

Projected benefit obligation $5,600,000

Fair value of plan assets 5,000,000

The settlement rate is 10%. Other data related to the pension plan for 2022 are:

Service cost $320,000

Amortization of prior service costs 72,000

Contributions 360,000

Benefits paid 335,000

Actual return on plan assets 352,000

Amortization of net gain 24,000

What would be the balance of the projected benefit obligation at December 31, 2022?