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		$	125
Service cost			39
Interest cost			10
Benefits paid			(8	)
Balance, December 31		$	166

Plan Assets
Balance, January 1		$	75
Actual return on plan assets			8
Contributions 2021			39
Benefits paid			(8	)
Balance, December 31		$	114

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, 2021. Required: 1. Determine Abbott and Abbotts pension expense for 2021. 2. Prepare the journal entries to record Abbott and Abbotts (a) pension expense, (b) funding, and (c) payment for 2021.

Journal entry worksheet Record the funding of plan assets. Note: Enter debits before credits. General Journal Debit Credit Transaction B Record entry Clear entry View general journal Journal entry worksheet