The following represents balances relating to XYZ companys defined benefit pension plan:

Dec. 31, 2023 Jan. 1, 2023

Defined benefit obligation............................ (a) $1,200,000

Fair value of plan assets................................ (b) 1,170,000

Current service cost...................................... $ 95,000

Contributions to the plan............................. 104,000

Benefits paid................................................ 100,000

Actual return on plan assets.......................... 92,000

Interest (discount) rate................................. 8%

Required

a) Calculate the defined benefit obligation at December 31, 2023.

b) Calculate the fair value of plan assets at December 31, 2023.