Problem
On January 1, 2018, Sheridan Co. has the following balances:
Projected benefit obligation $3150000
Fair value of plan assets 2650000
The settlement rate is 9%. Other data related to the pension plan for 2018 are:
Service cost $293000
Amortization of prior service costs due to increase in benefits 93000
Contributions 493000
Benefits paid 218000
Actual return on plan assets 388000
Amortization of net gain 29300
What is The balance of the projected benefit obligation at December 31, 2018.