ABC Company sponsors a contributory pension plan for which the company contributes 3% of salaries for exempt employees, and the employees have contributed a total of $245,000.00. If hourly employees have earned a total of $380,000.00, and salaried employees have earned a total of $420,000.00 this year, what is the pension expense for the year?

A 7,350 B 11,400 C 12,600 D19,950 E 24,000