The following information is related to the defined benefit pension plan of Dreamworld Company for the year:

Service cost $63,000 Contributions to pension plan 120,000 Benefits paid to retirees 157,000 Plan assets (fair value), January 1 649,000 Plan assets (fair value), December 31 760,000 Actual return on plan assets 151,000 PBO, January 1 950,000 PBO, December 31 951,000 Discount rate 10% Long-term expected return on plan assets 9%

Assuming no other relevant data exist, what is the pension expense for the year?