7. Pension data for the Ben Franklin Company include the following for the current calendar year:

Discount Rate	8%
Expected on plan assets	10%
Actual return on plan assets	9%
Service cost $200,000	$200,000

January 1
-PBO	$1,4000,000
-ABO	1M
-Amortization of prior service cost	1,500,000
-Amortization of prior service cost	20K
-Amortization of net gain	4K
December 31:
-Cash Contributions to pension fund	$220,000
-Benefit payments to retirees	$240,000

1. Determine pension expense for the year.

2. Prepare the journal entry to record pension expense for the year