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The following information is related to the defined benefit pension plan of Dreamworld Company for...

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Accounting

The following information is related to the defined benefit pension plan of Dreamworld Company for the year:

Service cost $ 70,000
Contributions to pension plan 119,000
Benefits paid to retirees 152,000
Plan assets (fair value), January 1 645,000
Plan assets (fair value), December 31 763,000
Actual return on plan assets 151,000
PBO, January 1 910,000
PBO, December 31 919,000
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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