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Clark Industries has a defined benefit pension plan that specifies annual, year$-$end retirement benefits equal to:

$1\mathrm{.}7\%\backslash$times Service years $\backslash$times Final year$$s salary

Stanley Mills was hired by Clark at the beginning of $2005.$

Mills is expected to retire at the end of $2049$ after $45$ years of service.

His retirement is expected to span $15$ years. At the end of $2024,20$ years after being hired, his salary is $$85,000.$

The company$$s actuary projects Mills$$s salary to be $$320,000$ at retirement. The actuary$$s discount rate is $6\%.$

For all requirements, round final answers to the nearest whole dollars. Do not round intermediate calculations. Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Required:

Estimate the amount of Stanley Mills$$s annual retirement payments for the $15$ retirement years earned as of the end of $2024.$

Suppose Clark$$s pension plan permits a lump$-$sum payment at retirement in lieu of annuity payments. Determine the lump$-$sum equivalent as the present value as of the earned retirement annuity at the expected date of retirement $($the end of $2049).$

What is the company$$s projected benefit obligation at the end of $2024$ with respect to Stanley Mills?

Even though pension accounting centers on the PBO calculation, the ABO still must be disclosed in the pension disclosure note. What is the company$$s accumulated benefit obligation at the end of $2024$ with respect to Stanley Mills?

If we assume no estimates change in the meantime, what is the company$$s projected benefit obligation at the end of $2025$ with respect to Stanley Mills?

What portion of the $2025$ increase in the PBO is attributable to $2025$ service $($the service cost component of pension expense$)$ and to accrued interest $($the interest cost component of pension expense$)?$

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