Davison Company has a noncontributory defined benefit pension plan for its employees. During 2016, the pension plan has a discount rate of 8%, service cost of $98,000, plan assets as of 1/1/16 of $432,000, and an expected return on plan assets of $34,560. On December 31, 2016, Davison contributed $90,000 to the pension plan, resulting in a credit to Accrued/Prepaid Pension Cost of $6,300. What is the amount of the projected benefit obligation on January 1, 2016

Which of the following makes a true statement about the relationship between government and financial institutions? government and financial institutions do not interact with each other. financial institutions like the u.s. treasury must approve increases in the government deficit. government can pass laws to limit what financial institutions can charge in interest and fees. financial institutions like local banks must approve interest rates set by the federal reserve.