2. Pension Expense (20 points) Pension data for John Ferguson Company include the following for the current calendar year Settlement (Discount) rate: 7% Expected return on plan assets: 11% Actual return on plan assets: 10% Service cost: S250,000 January 1: PBO ABO Plan assets Amortization of prior service cost Amortization of net gain $1.500,000 1,200,000 1,700,000 25.000 2.000 December 31: Cash contributions to pension fund: Benefit payments to retirees $240,000 260,000 Required: 1. Determine pension expense for the year. Show the elements of pension expense