Company C provided the following information related to defined benefit pension plan for 20X1.

PBO on 1/1	$4,500,000	Fair Value of plan assets on 1/1	$4,000,000
Service cost	280,000	Actual return of plan assets	750,000
Payments made to retirees on 12/31	520,000	Amortization of prior service cost	150,000
Recognized actuarial losses	160,000	Contributions made to the plan at 12/31	190,000
Interest rate for discounting pension obligations	10%	Expected return on plan assets	12%

Required:

a. What amount of pension expense should Company C report for 20X1?

b. What is the fair value of plan assets at 31^st December 20X1? (6 marks)