Pearsall Company's defined benefit pension plan had a PBO of $271,000 on January 1, 2021. During 2021, pension benefits paid were $46,000. The discount rate for the plan for this year was 8%. Service cost for 2021 was $88,000. Plan assets (fair value) increased during the year by $55,000. The amount of the PBO at December 31, 2021, was:

The amount of the PBO at Dec 31,2021  334,680

Explanation:

PBO on Jan 1,2021                                         271,000

+ Service cost                                          88,000

+ interest (271,000 x 8%)                           21,680

- pension benefits paid                                 -46,000

PBO at Dec 31,2021                                 334,680

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