On January 1, 20X2, Oil Trading Co.s defined benefit pension plan had plan assets with a fair value of $750,000, and a projected plan obligation of $875,000. In addition:

Actual and expected return on plan assets 7%

Interest cost 9%

Service costs - $24,000

Unamortized prior service cost - $120,000

Employer contributions to the plan - $45,000

Distributions to employees from the plan - $60,000

Assume that amortization of prior service cost is $25,000, how much will Oil Trading Co. recognize as pension expense for 20X2?