Problem: Pension Service Cost Calculation

Pension data for Miller Enterprises include the following:

Discount rate: $8\mathrm{.}5\%$

Projected benefit obligation, January $1$: $$230$ million

Projected benefit obligation, December $31$: $$310$ million

Accumulated benefit obligation, January $1$: $$180$ million

Accumulated benefit obligation, December $31$: $$250$ million

Cash contributions to pension fund, December $31$: $$390$ million

Benefit payments to retirees, December $31$: $$280$ million

Determine the service cost component of pension expense for the year ended December $31.$

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