The following information pertains to Sandoval Company$$s defined benefit pension plan for the current year. Assume there was no beginning balance in the $($AOCI$)$ account $$unrecorded pension gain$/$loss$.$ What amount should Sandoval report as pension expense in its current year income statement? Show your computations.

Service cost

$$160,000$

Actual return on plan assets

$35,000$

Expected return on plan assets

$38,000$

Increase in PBO due to change in actuarial assumptions

$40,000$

Amortization prior service cost

$5,000$

Interest on the PBO

$50,000$

Accumulated benefit obligation

$300,000$