The following information relates to the defined benefit pension plan for the Voldemort Company for the year ending December 31, 2020. Projected benefit obligation, January 1 $4,600,000 Projected benefit obligation, December 4,729,000 31 Fair value of plan assets, January 1 5,035,000 Fair value of plan assets, December 31 5,565,000 Expected return on plan assets 450,000 Amortization of deferred gain 32,500 Employer contributions 425,000 Benefits paid to retirees 390,000 Settlement rate 10% Using the information above and assuming no PSC or changes in actuarial assumptions, interest cost for the year would be: 460,000 390.000 59,000 503.500