Davison Company has a noncontributory defined benefit pension plan for its employees. During Year $1,$ the pension plan has a discount rate of $8\%,$ service cost of $$98,000,$ plan assets as of $1/1/$Year $1$ of $$432,000,$ and an expected return on plan assets of $$34,560.$ On December $31,$ Year $1,$ Davison contributed $$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 $1,$ Year $1?$