Sachs Brands's defined benefit pension plan specifies annual retirement benefits equal to 1.6% × service years × final y

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Sachs Brands's defined benefit pension plan specifies annual
retirement benefits equal to 1.6% × service years × final year's
salary, payable at the end of each year. Angela Davenport was hired
by Sachs at the beginning of 2007 and is expected to retire at the
end of 2041 after 35 years' service. Her retirement is expected to
span 18 years. Davenport's salary is $89,000 at the end of 2021 and
the company's actuary projects her salary to be $275,000 at
retirement. The actuary's discount rate is 7%. (FV of $1, PV
of $1, FVA of $1, PVA of $1, FVAD of
$1 and PVAD of $1) (Use
appropriate factor(s) from the tables
provided.)

Required:
1. What is the company's projected benefit
obligation at the beginning of 2021 (after 14 years' service) with
respect to Davenport? (Do not round intermediate
calculations. Round your final answer to the nearest whole
dollar.)
2. Estimate by the projected benefits
approach the portion of Davenport's annual retirement payments
attributable to 2021 service.
3. What is the company's service cost for
2021 with respect to Davenport? (Do not round
intermediate calculations. Round your final answer to the nearest
whole dollar.)
4. What is the company's interest cost for
2021 with respect to Davenport? (Do not round
intermediate calculations. Round your final answer to the nearest
whole dollar.)
5. Combine your answers
to requirements 1, 3, and 4 to determine the
company's projected benefit obligation at the end of 2021 (after 15
years' service) with respect to Davenport. (Do not
round intermediate calculations. Round your final answer to the
nearest whole dollar.)
1. Project benefit obligation
2. Annual retirement payments
3. Service cost
4. Interest cost
5. Projected benefit obligation