The Shelast Corporation adopted a defined benefit pension plan on January 1, 2018 and has provided the following information:The projected benefit obligation on January 1, 2018 was $2,160,500.
The 2018 service cost totaled $250,000; the 2019 service cost totaled $275,000.
Annual amortization of prior service costs is $216,050.
The discount rate is 10%.
The pension plan funding during 2018 was $200,000; the pension plan funding during 2019 was $225,000.
The actual return on plan assets was $19,000 during 2019.
Required:Determine the projected benefit obligation balance as of December 31, 2019.
What will be an ideal response?
| January 1, 2018 PBO | $ | 2,160,500 | ||
| 2018 interest cost | 216,050 | (Beginning PBO $2,160,500 × 10%) | ||
| 2018 service cost | 250,000 | |||
| December 31, 2018 PBO | $ | 2,626,550 | ||
| 2019 interest cost | 262,655 | (Beginning PBO $2,626,550 × 10%) | ||
| 2019 service cost | 275,000 | |||
| December 31, 2019 PBO | $ | 3,164,205 | ||
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