Kreter Co. provides the following information about its post-retirement benefit plan for the year 2020.

Service cost........................................................................$ 45,000
Contribution to the plan.....................................................10,000
Actual and expected return on plan assets......................11,000
Benefits paid........................................................................20,000
Plan assets at January 1, 2020.........................................110,000
Accumulated post-retirement benefit obligation
at January 1, 2020.............................................................330,000
Discount rate..............................................................................8%

Instructions

Compute the post-retirement benefit expense for 2020.