Question 1
Double Down Company's records revealed the following related to its defined benefit pension plan:
Plan assets at fair value, January 1, 2002 $3,000,000
Expected return on plan assets in 2002 $300,000
Actual return on plan assets in 2002 $200,000
Contributions to the pension funds in 2002 $500,000
Pension benefits paid in 2002 $520,000
Current service costs $360,000
What is the fair value of the pension plan assets on December 31, 2002?