A company's defined benefit pension plan had a PBO of $275,000 on January 1, 2016....
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A company's defined benefit pension plan had a PBO of $275,000 on January 1, 2016. During 2016, pension benefits paid were $48,000. The discount rate for the plan for this year was 12%. Service cost for 2016 was $83,000. Plan assets (fair value) increased during the year by $48,000. The amount of the PBO at December 31, 2016, was:
$227,000.
$391,000.
$343,000.
None of these answer choices is correct.
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