Netflix Inc. received the following information from its pension plan trustee concerning the operation of the company's defined-benefit pension plan for the year ended December 31, 2021.

	1/1/2021	12/31/2021
Fair value of plan assets	$5,600,000	$6,000,000
PBO	6,400,000	6,880,000
AOCI	0	(120,000)

The service cost component of pension expense for 2021 is $500,000 and the amortization of prior service cost due to an increase in benefits is $80,000. The settlement rate is 10% and the expected rate of return is 9%. The actual return from plan assets in 2021 is $540,000. What is the amount of pension expense for 2021?

a) $680,000

b) $696,000

c) $716,000

d) $828,000