Willow Inc. has a defined contribution plan. Based on the current services provided by the employees during 20X1, Willow has agreed to pay the following instalments: $80,000 in 20X1, $70,000 in 20X3, and $40,000 in 20X4. What is the pension expense for the year ending 20X1, assuming a discount rate of 5%?

options: a) $80,000 b) $98,046 c) $178,046