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Smith, Inc. has a pension plan with the following data available for 20X1 and 20X2: 20X1 20X2 Service cost $ 30,000 $ 34,000 Interest cost

Smith, Inc. has a pension plan with the following data available for 20X1 and 20X2:

20X1 20X2
Service cost $ 30,000 $ 34,000
Interest cost $ 18,000 $ 20,000
Actual return on plan assets $ 15,000 $ 21,600
Beginning of year plan assets $ 200,000 $ 240,000
Discount rate 8 % 8 %
Expected return on plan assets 8 % 8 %

Smiths pension expense for 20X2 is:

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