Pharoah SpA has experienced tough competition, leading it to seek concessions from its employees in the companys pension plan. In exchange for promises to avoid layoffs and wage cuts, the employees agreed to receive lower pension benefits in the future. As a result, Pharoah amended its pension plan on January 1, 2022, and recorded negative past service cost of 120,000. The average period to vesting for the benefits affected by this plan is 5 years. Current service cost for 2022 is 25,000. Interest expense is 8,000, and interest revenue is 2,300. Actual return on assets in 2022 is 1,600. Compute pension expense for Pharoah in 2022. (Enter negative amounts using a - sign preceding the number or parentheses, e.g. -5,125 or (5,125).)

Pension Expense = $