The Shasti Corporation Reported the Following for the Year Ending

The Shasti Corporation reported the following for the year ending December 31,2014:
• Service cost: $142,610
• Plan assets,January 1,2014: $1,200,000
• Prior service cost amortization: $21,150
• Expected return on plan assets: 9%
• Actual return on plan assets: 8.5%
• Pension expense: $175,760
• Actuarially determined discount rate: 8%
What was the projected benefit obligation on January 1,2014?

A) $1,500,000
B) $1,425,000
C) $1,200,000
D) $1,333,333