5. Barton, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined-benefit pension plan for the year ended December 31, 2020.

January 1, 2020 December 31, 2020

Fair value of pension plan assets $4,200,000 $4,500,000

Projected benefit obligation 4,800,000 5,160,000

Accumulated benefit obligation 840,000 1,020,000

Accumulated OCI (Gains / Losses) -0- (90,000)

The service cost component of pension expense for 2020 is $450,000 and the amortization of prior service cost due to an increase in benefits is $60,000. The settlement rate is 10% and the expected rate of return is 9%. What is the amount of pension expense for 2020?

a. $450,000

b. $612,000

c. $621,000

d. $522,000