Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2021, Abbott and Abbott received the following information:

Projected Benefit Obligation($ in millions)Balance, January 1$150Service cost26Interest cost15Benefits paid(9)Balance, December 31$182

Plan AssetsBalance, January 1$90Actual return on plan assets10Contributions 202126Benefits paid(9)Balance, December 31$117

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, 2021.

Required:

1.Determine Abbott and Abbott's pension expense for 2021.

2.Prepare the journal entries to record Abbott and Abbott's (a) pension expense, (b) funding, and (c) payment for 2021.