The following information is related to the defined benefit pension plan of Dreamworld Company for the year:
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Question:
The following information is related to the defined benefit pension plan of Dreamworld Company for the year:
Service cost | $ | 62,000 | ||
Contributions to pension plan | 114,000 | |||
Benefits paid to retirees | 153,000 | |||
Plan assets (fair value), January 1 | 644,000 | |||
Plan assets (fair value), December 31 | 759,000 | |||
Actual return on plan assets | 154,000 | |||
PBO, January 1 | 910,000 | |||
PBO, December 31 | 910,000 | |||
Discount rate | 10 | % | ||
Long-term expected return on plan assets | 9 | % | ||
Assuming no other relevant data exist, what is the pension expense for the year?
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