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Assume that the pension benefit formula of ABC Corporation calls for paying a pension benefit of $250 per year for each year of service with the company plus 50% of the projected last year's salary at retirement. Payments begin one year after the employee attains the age of 65 and are paid annually thereafter. The average life expectancy of employees is 76. The pension plan is adopted on January 1, 2017. One of the company's employees, I.M. Workaholic, is granted credit for 10 years of prior service. He is 50 years old at the date the plan is adopted. His current annual salary is $20,000, but his salary level when he retires in 15 years is expected to be $30,000 Assume a 10% rate of interest for both the discount rate and the expected rate of return on plan assets. Use the PVoLL PVADofl, and PVOA of 1 tables where appropriate. (Use the appropriate factor(s) from the tables provided.) Required 1. Determine the PBO and ABO related to Workaholic's pension benefits as of January 1, 2017 2. What would the projected benefit obligation be on December 31, 2017? 3. How much pension expense should ABC Corporation reco gnize in 2017 for Workaholic? Show the components of pension expense. (Do not round intermediate calculations. Round your final answers to the nearest whole dollar.) Complete this question by entering your answers in the tabs below Req1 Req 2 and 3 Determine the PBO/ABO related to Workaholic's pension benefits as of January 1, 2017. 1-a PVOA of expected pension at date of retirement Projected benefit obligation (PBO) on 1/1/2017 1-b PVOA of expected pension benefits at date of retirement Req 2 and 3 retires in 15 years is expected to be 330,000 Assume a 10% rate of interest for both the discount rate and the expected rate of return on plan assets. PVOA of 1 tables where appropriate. (Use the appropriate factor(s) from the tables provided Required: 1. Determine the PBO and ABO related to Workaholic's pension benefits as of January 1, 2017. 2. What would the projected benefit obligation be on December 31, 2017? 3. How much pension expense should ABC Corporation recogniz e in 2017 for Workaholic? Show the components ofp (Do not round intermediate calculations. Round your final answers to the nearest whole dollar) Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 2. What would the projected benefit obligation be on December 31 20177 3. How much pension expense should ABC Corporation recognize in 2017 for Workaholic? 2 PVOA of expected pension benefits at date of retirement Projected benefit obligation (PBO) on 12/31/2017) 3 3. Total pension expense for 2017 K Req 1