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Pension data for Millington Enterprises include the following:
($ in millions)Discount rate, 10% Projected benefit obligation, January 1 $ 360 Projected benefit obligation, December 31 465 Accumulated benefit obligation, January 1 300 Accumulated benefit obligation, December 31 415 Cash contributions to pension fund, December 31 150 Benefit payments to retirees, December 31 54
Required:
Assuming no change in actuarial assumptions and estimates, determine the service cost component of pension expense for the year ended December 31.
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