Pearsall Company's defined benefit pension plan had a PBO of $268,000 on January 1, 2021. During 2021, pension benefits paid were $43,000. The discount rate for the plan for this year was 11%. Service cost for 2021 was $85,000. Plan assets (fair value) increased during the year by $46,000. The amount of the PBO at December 31, 2021, was:
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