FMC Inc. provides its employees with a defined benefit pension plan, details of which follow:
Pension obligation 12/31/20X5$7,000,000
Plan assets 12/31/20X5$5,900,000
Discount rate used in actuarial assumptions4%
Current service cost for the year — end of year $590,000
Past service cost (improvement in benefits) — 01/01/20X6$60,000
Actuarial gain due to a change in assumption $0
Actual return on plan assets$275,000
Remitted to pension trustee — evenly throughout year $670,000
Payments to retirees — evenly throughout year$640,000
What is the net amount that will be charged to pension expense for FMC Inc.'s December 31, 20X6 year end?