On January 1 of the current reporting year, Coda Companys projected benefit obligation was $30 million. During the year, pension benefits paid by the trustee were $4 million. Service cost was $10 million. Pension plan assets earned $5 million as expected. T the end of the year, there was no net gain or loss and no prior service cost. The actuarys discount rate was 10%.

Required: Determine the amount of the projected benefit obligation on December 31.