The following information is provided by Millenium Falcon Importers (MFI) regarding their defined benefit pension plan.
Pension asset/liability (January 1) ($25,000)
Projected benefit obligation, January 1, 2017 ($700,000)
Settlement rate 10%
Service cost $80,000
Contribution in 2017 $150,000
Actual and expected return on plan assets $10,000
Benefits paid to retirees $33,400
Prior service cost amortization for 2017 $60,000
What is the amount of pension expense that MFI should report for 2017?