Swifty Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the years 2020 and 2021. 2020 2021 Projected benefit obligation, January 1 $604,100 Plan assets (fair value and market-related value), January 1 410,100 Pension asset/liability, January 1 194,000 Cr. Prior service cost, January 1 158,600 Service cost 40,200 $58,500 Settlement rate Expected rate of return 10 % 10 % 10 % 10 % Actual return on plan assets 35,600 61,600 Amortization of prior service cost 69,500 49,600 Annual contributions 96,200 81,200 Benefits paid retirees 31,400 56,210 Increase in projected benefit obligation due to changes in actuarial assumptions 87,400 0 Accumulated benefit obligation at December 31 728,800 788,900 Average service life of all employees 20 years Vested benefit obligation at December 31 459,800