On January 1, 2009, Downing, Inc. amended its pension plan which caused an increase of $6,000,000 in its projected benefit obligation. The company has 400 employees who are expected to receive benefits under the company's defined-benefit pension plan. The personnel department provided the following information regarding expected employee retirements: Expected Retirements Number of Employees 40 120 60 160 20 400 On December 31 2009 2011 2012 2013 The company plans to use the years-of-service method in calculating the amortization of unrecognized prior service cost as a component of pension expense. Downing, 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, 2013. Projected benefit obligation Market-related asset value Accumulated benefit obligation Unrecognized net (gains) and losses $8,400,000 6,000,000 2,400,000 900,000 12/31/13 $8,700,000 6,900,000 2,760,000 100,000 The service cost component of pension expense for 2013 is $840,000. The settlement rate is 10% and the expected rate of return is 8%. The actual return on plan assets is $500,000. What is the amount of pension expense for 2013? On January 1, 2009, Downing, Inc. amended its pension plan which caused an increase of $6,000,000 in its projected benefit obligation. The company has 400 employees who are expected to receive benefits under the company's defined-benefit pension plan. The personnel department provided the following information regarding expected employee retirements: Expected Retirements Number of Employees 40 120 60 160 20 400 On December 31 2009 2011 2012 2013 The company plans to use the years-of-service method in calculating the amortization of unrecognized prior service cost as a component of pension expense. Downing, 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, 2013. Projected benefit obligation Market-related asset value Accumulated benefit obligation Unrecognized net (gains) and losses $8,400,000 6,000,000 2,400,000 900,000 12/31/13 $8,700,000 6,900,000 2,760,000 100,000 The service cost component of pension expense for 2013 is $840,000. The settlement rate is 10% and the expected rate of return is 8%. The actual return on plan assets is $500,000. What is the amount of pension expense for 2013