A company has a noncontributory, defined benefit pension plan. At December 31 of the current year, the company received the following information:

Projected Benefit Obligation	($ in millions)
Balance, January 1	$ 100
Service cost	27
Interest cost	11
Benefits paid	(10)
Balance, December 31	$ 128

Plan Assets
Balance, January 1	$ 100
Actual return on plan assets	13
Contributions current year	27
Benefits paid	(10)
Balance, December 31	$ 130

The expected long-term rate of return on plan assets was 8%. There was no prior service cost and a negligible net lossAOCI on January 1 of the current year.

Required:

Determine the companys pension expense for the current year.

Prepare the journal entries to record the companys (a) pension expense, (b) funding, and (c) payment for the current year.