Pension data for Sam Adams Inc. include the following for the current calendar year: Discount rate, 6% Expected return on plan assets, 8% Actual return on plan assets, 7% Service cost, $480,000 January 1: PBO 3,080,000 ABO 2,080,000 3,280,000 Plan assets 38,000 Amortization of prior service cost 7,800 Amortization of net gain December 31: Cash contributions to pension fund 283,000 318,000 Benefit payments to retirees Required: 1. Determine pension expense for the year. (Amounts to be deducted should be indicated with a minus sign.) Pension Expense Pension expense