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A company's defined benefit pension plan had a PBO of $275,000 on January 1, 2016....

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Accounting

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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