Savon Inc., a publicly accountable entity, has a defined contribution plan. During 2020, its current service cost (CSC) was $350,000, and Savon paid this amount by the end of 2020. In 2019, Savon had amended its plan for past services. The amendment required $890,000 to be paid into the plan. Savon paid this amount in two equal instalments of $445,000 in 2019 and $445,000 in 2020. The plan amendment related to past services provided by employees in 2016, 2017, and 2018. What is the amount of the pension expense for 2020?

Question 5 options:

a) $350,000

b) $528,000

c) $795,000

d) $1,240,000