Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2016, Abbott and Abbott received the following information:

($ in millions) Projected Benefit Obligation Balance, January 1 $ 150

Service cost 34

Interest cost 15

Benefits paid (9 )

Balance, December 31 $ 190

Plan Assets Balance, January 1 $ 60

Actual return on plan assets 8

Contributions 2016 34

Benefits paid (9 )

Balance, December 31 $ 93

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, 2016.

Required: 1. Determine Abbott and Abbotts pension expense for 2016.

2) prepare the journal entries to record Abbot and Abbot's pension expense, funding, and payment for 2016.