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On January 1, 2020, Desautels Corporation had the following balances:
Projected Benefit Obligation: $4,200,000 Fair Value of Plan Assets: $3,750,000 Discount Rate: 10% Other data related to the pension plan for 2020 are:
Service Cost: $240,000 Amortization of Unrecognized Prior Service Costs: $54,000 Contributions: $270,000 Benefits Paid: $225,000 Actual Return on Plan Assets: $264,000 Expected Return on Plan Assets: $320,000 Amortization of Unrecognized Net Gain: $18,000 What is the fair value of plan assets at December 31, 2020?
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