Veldre SpA provides the following information about its defined benefit pension plan for the year 2022.

Service cost ................................................................. € 90,000
Contribution to the plan ............................................ 105,000
Benefits paid ................................................................. 40,000
Plan assets at January 1, 2022 .................................. 640,000
Defined benefit obligation at January 1, 2022 ........ 700,000
Discount (interest) rate ................................................... 10%

Instructions

Compute the pension expense for the year 2022.