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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