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Winter Company has established a defined benefit pension plan for the employees. Annual payments under the pension plan are equal to 3% of an employee's highest lifetime salary multiplied by the number of years with the entity. An employee's salary in 2020 was P500,000. The employee is expected to retire in 20 years and the salary increases are expected to average 4% per year during that period. On December 31, 2020, the employee has worked for 15 years. The employee is expected to live 10 years after retirement and shall receive the first annual pension payment one year after retirement. The discount rate is 12%. Future value of 1 at 4% for 20 periods 2.190 PV of an ordinary annuity of 1 at 12% for 10 periods 5.650 PV of 1 at 12% for 20 periods 0.104 1. What is the annual pension payment that should be used in computing the projected benefit obligation on December 31, 2020? a. 492,750 b. 225,000 C. 235,000 d. 270,000 2. What is the projected benefit obligation on December 31, 2020? a. 132,210 b. 289,540 C. 138,085 d. 158,650