The following information regarding Pharoah Company's defined benefit pension plan was taken from the company's records for 2020: Defined Benefit Obligation, January 1 $3,320,000 Actual return on plan assets 280,900 Benefits paid to retirees 43,450 Current year service cost 116,350 Interest cost 226,200 Employer contributions for the year 91,400 Pension Plan Assets, January 1 2,870,000