Company XYZ has a defined benefit pension plan for its employees. Calculate the net pension expense for the year based on the following information:

• Beginning of the year projected benefit obligation (PBO): $2,500,000
• End of the year PBO: $2,700,000
• Beginning of the year fair value of plan assets: $2,200,000
• End of the year fair value of plan assets: $2,400,000
• Service cost for the year: $150,000
• Interest cost for the year: $180,000
• Expected return on plan assets for the year: $140,000
• Contributions made to the plan during the year: $160,000
• Amortization of prior service cost: $10,000

Provide the calculation for the net pension expense for the year.