7. Ivanhoe Inc. has sponsored a noncontributory, defined benefit pension plan for its employees since 1965. Prior to 2025, cumulative net pension expense recognized equaled contributions to the plan. Othe relevant information about the pension plan on Jan 1, 2025, is as follows. a. The company has 75 employees. All these employees are expected to receive benefits under the plan. The average remaining service life per employee is 10 years. b. The projected benefit obligation amounted to $2870000 and the fair value of pension plan assets was $2290000. The market-related asset value was also $2290000. Unrecognized prior service cost was $580000. On Dec 31, 2025, the projected benefit obligation and the accumulated benefit obligation were $3990000 and $3380000, respectively. The fair value of the pension plan assets amounted to $2810000 at the end of the year. A 6% settlement rate and a 6% expected asset return rate were used int eh actuarial present value computations in the pension plan. The present value of benefits attributed by the pension benefit formula to employee service in 2025 amounted to $140,000. The employer's contribution to the plan assets amounted to $340000 in 2025. The problem assumes no payment of pension benefits