ShamrockLtd. has a one-person pension plan that promises the employee a pension on retirement according to the following formula: pension benefit = 2% of final salary per year of service. The employee began employment withShamrockin January 2009 at the age of 30. She expects to retire in January 2038, the month of the year in which she turns 60. Her life expectancy at that time is 25 years.

Assume that this employee earned an annual salary of $60,700when she joinedShamrock, that her salary was expected to increase at a rate of6% per year, and that this remains a reasonable assumption to date.Shamrockconsiders a discount rate of6% to be appropriate.

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What is the employee's expected final salary?(Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.)

The employee's expected final salary $________?

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What amount of current service cost shouldShamrockrecognize in 2020 relative to this plan?Use PV tables, a financial calculator or Excel functions to arrive at the answer.(Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.)

Current service cost $_______?

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What is the amount of the defined benefit obligation at December 31, 2020?(Round present value factor calculations to 5 decimal places, e.g. 1.25124 and the final answer to 0 decimal places e.g. 58,971.)

Defined benefit obligation $_______?

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