Welldone Inc. sponsors a defined benefit plan covering all employees. Benefits are based on years of service and compensation levels at the time of retirement. Welldone Inc. determined that as of December 31, 2020, its plan assets had a $390,000 fair value and the projected benefit obligation had a balance of $380,120. If the company identified service cost of $38,000, interest cost of $16,520, benefit payments of $4,800, and made contributions to the plan for $28,000 in 2020, what was the January 1, 2020, balance of the PBO?

A. $330,400

B. $380,120

C. $292,800

D. $320,800