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	$ 160
Service cost	24
Interest cost	16
Benefits paid	(11)
Balance, December 31	$ 189

Plan Assets
Balance, January 1	$ 80
Actual return on plan assets	11
Contributions current year	24
Benefits paid	(11)
Balance, December 31	$ 104

The expected long-term rate of return on plan assets was 10%. 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.