The following information is provided by Millenium Falcon Importers (MFI) regarding their defined benefit pension plan.

Pension asset/liability (January 1) ($25,000)

Projected benefit obligation, January 1, 2017 ($700,000)

Settlement rate 10%

Service cost $80,000

Contribution in 2017 $150,000

Actual and expected return on plan assets $10,000

Benefits paid to retirees $33,400

Prior service cost amortization for 2017 $60,000

What is the amount of pension expense that MFI should report for 2017?