Exercise 20-02 Kingbird Company provides the following information about its defined benefit pension plan for the year 2020. Service cost $ 89,300 Contribution to the plan 106,300 Prior service cost amortization 9,100 Actual and expected return on plan assets 65,200 Benefits paid 40,200 Plan assets at January 1, 2020 634,600 Projected benefit obligation at January 1, 2020 697,200 Accumulated OCI (PSC) at January 1, 2020 151,800 Interest/discount (settlement) rate 10 % Compute the pension expense for the year 2020. Pension expense for 2020 $