Determine the projected benefit obligation
Response to the following problem:
On January 1, 2016, Burleson Corporation's projected benefit obligation was $30 million. During 2016 pension benefits paid by the trustee were $4 million. Service cost for 2016 is $12 million. Pension plan assets (at fair value) increased during 2016 by $6 million as expected. At the end of 2016, there was no prior service cost and a negligible balance in net loss-AOCI. The actuary's discount rate was 10%.
Required:
Determine the amount of the projected benefit obligation at December 31, 2016.