Red Lobster had the following for its defined benefit pension plan for the current calendar year: PBO Plan assets Balance, January 1 $ 480,000 Balance, January 1 $ 257,000 Service cost 197,000 Actual return 38,000 Interest cost 32,000 Annual contribution 117,000 Benefits paid (86,000 ) Benefits paid (86,000 ) Balance, December 31 $ 623,000 Balance, December 31 $ 326,000 The long-term expected rate of return on plan assets is 10%. Assuming no other data are relevant, what is the pension expense for the year