The following information relates to Schmidt Sausage Co.s defined benefit pension plan during 2006.

Plan assets at fair value, Jan. 1 $400,000,000

Expected return on plan assets 40,000,000

Actual return on plan assets 32, 000,000

Contributions to the pension fund (end of year) 60,000,000

Amortization of unrecognized loss 8,000,000

Pension benefits paid (end of year) 9,000,000

Pension Expense 54,000,000

REQUIRED: Determine the amount of pension plan assets at fair value on December 31, 2006 (5 points).