Michael, Inc. received the following information from its pension plan trustee. The company has a defined-benefit pension plan for the year ended December 31, 2015.

Jan 1 2015 Dec 31 2015

Fair Value of pension plan assets 4,200,000 4,500,000

Projected Benefit Obligation 4,800,000 5,160,000

Accumulated Benefit Obligation 840,000 1,020,000

Accumulated OCI - (Gains/Losses) -0- (90,000)

The service cost component of pension expense for 2015 is $460,000. The amortization of prior service cost due to an increase in benefits is $60,000. The settlement rate is 10% and the expected rate of return is 9%. What is the amount of pension expense for 2015?

A) $450,000 B) $622,000 C) $621,000 D) $612,000