Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2024, Abbott and Abbott received the following information:

Projected Benefit Obligation	($ in millions)
Balance, January 1	$ 150
Service cost	30
Interest cost	12
Benefits paid	(8)
Balance, December 31	$ 184

Plan Assets
Balance, January 1	$ 125
Actual return on plan assets	11
Contributions 2021	30
Benefits paid	(8)
Balance, December 31	$ 158

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, 2024.

Required:

1. Determine Abbott and Abbotts pension expense for 2024.
2. Prepare the journal entries to record Abbott and Abbotts (a) pension expense, (b) funding, and (c) payment for 2024.

Complete this question by entering your answers in the tabs below. Determine Abbott and Abbott's pension expense for 2024. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Complete this question by entering your answers in the tabs below. Prepare the journal entries to record Abbott and Abbott's (a) pension expense, (b) funding, and (c) payment for 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10 ). Journal entry worksheet Record the pension expense. Note: Enter debits before credits