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Gassman Village has a single-employer defined benefit pension plan to provide retiree pension benefits to its electric utility enterprise fund employees. The following information was

Gassman Village has a single-employer defined benefit pension plan to provide retiree pension benefits to its electric utility enterprise fund employees. The following information was provided from the actuary as of the beginning and end of the fiscal year. In addition, the utility fund contributed $2,300,000 cash to the pension plan during 2022. Using this information, determine what amount of pension expense should be recognized for 2022.

Fiscal year ended 12/31/2021

Fiscal year ended 12/31/2022

Net pension liability

$8,500,000

$8.750,000

Deferred inflows of resources investment gains and demographic factors

$270,000

$150,000

Deferred outflows of resources economic factors

$220,000

$160,000

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