Problem 1 Scout Corp. provides its employeeswith a defined benefit pension plan. The balances as at January 1, 20X6, were as follows Present value defined benefit obligation $8,000,000 Plan assets $6,800,000 Other information pertaining to the pension plan during 20X6 is as follows: Discount rate used in actuarial assumptions Current service cost for the year Past service cost (gain on curtailment) $500,000 end of year JActuarial loss due to a change in assumptions used Actual return on plan assets Remeasurement gain Remitted to pension trustee year 5% $570,000 $15,000 $360,000 $20,000 -end of $730,000 Payments to retirees- end of year Required: to calculate Pension expense for 20X6 fiscal year $680,000