Use the following information for questions 28 and 29.

On January 1, 2011, Parks Co. has the following balances:

Projected benefit obligation ...............................$4,200,000

Fair value of plan assets .......................................3'750,000

The settlement rate is 10%. Other data related to the pension plan for 2013 are:

Service cost ................................................................$240,000

Amortization of prior service costs ...............................54.000

Contributions ...............................................................270,000

Benefits paid ...............................................................300,000

Actual return on plan assets ........................................264,000

Amortization of net gain ...............................................18.000

1. What is the balance of the projected benefit obligation at December 31, 2013 is___?

2. What is the fair value of plan assets at December 31, 2013?