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	$	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 2016		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, 2016.

1.

Determine Abbott and Abbotts pension expense for 2016.

2.	Prepare the journal entries to record Abbott and Abbotts pension expense, funding, and payment for 2016.