Veldre Company provides the following information about its defined benefit pension plan for the year 2020.

Service cost....................................................................................$ 90,000
Contribution to the plan................................................................105,000
Prior service cost amortization.......................................................10,000
Actual and expected return on plan assets..................................64,000
Benefits paid.....................................................................................40,000
Plan assets at January 1, 2020......................................................640,000
Projected benefit obligation at January 1, 2020.........................700,000
Accumulated OCI (PSC) at January 1, 2020..................................150,000
Interest/discount (settlement) rate....................................................10%

Instructions

Compute the pension expense for the year 2020.