The following information relates to Sun Company's defined benefit pension plan during the current reporting year:

Plan assets at fair value, January 1	$450,000,000
Expected return on plan assets	65,000,000
Actual return on plan assets	47,000,000
Contributions to the pension fund (end of year)	84,000,000
Amortization of net loss	0
Pension benefits paid (end of year)	35,000,000
Pension expense	60,000,000

Required:

Determine the balance of pension plan assets at fair value on December 31. Please show all work and calculations.