Net Periodic Pension Cost Calculation

Acme Corporation has sponsored a defined benefit pension plan for its employees. The plan promises to pay participants a retirement benefit based on their highest average salary over a specified period, multiplied by years of service. The plan’s actuarial assumptions for discount rates, salary increases, and mortality rates are regularly reviewed and updated.

In its most recent financial statements, Acme reported the following components related to its defined benefit plan:

• Current service cost: $1,200,000
• Interest cost on projected benefit obligation: $800,000
• Expected return on plan assets: $600,000
• Amortization of prior service costs: $150,000
• Gain due to plan experience changes: $100,000

Based on the above information, what is the net periodic pension cost that will be recognized in Acme’s income statement for the current year?