Fox Company received the following reports of its defined benefit pension plan for the current calendar year Balance, January1 Service cost Interest cost Benefits paid Plan assets Balance, January 1 Actual return s500,00 50,000 220,000 (90,e00) $600,e00 360,000 64,e00 Annual contribution (9e,000) Benefits paid 934,000 Balance, December 31 $680, 000 Balance, December 3 The long-term expected rate of return on plan assets is 8%. Assuming no other data are relevant, what is the pension expense for the year? Multiple Choice $424,000 $384,000. $360,000. $374,000