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1 question 3 parts , thanks 3. Pension data for the Ben Franklin Company include the following for the current calendar year: Discount rate, 8%

1 question 3 parts , thanks
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3. Pension data for the Ben Franklin Company include the following for the current calendar year: Discount rate, 8% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, $180,000 January 1: PBO Plan assets Amortization of prior service cost Amortization of net gain December 31: Cash contributions to pension fund Benefit payments to retirees 1,380,000 1,480,000 18,000 3,800 218,000 238,000 Required: 1) Determine pension expense for the year. (2 points) 2) Prepare the journal entries to record pension expense for the year. (2 points) 3) Prepare the journal entries to record pension benefits paid for the year. (1 points)

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