ABC Corporation has a defined benefit pension plan. ABC received the following information for the current calendar year: Projected benefit obligation Balance, January 1 $150,000,000 Service cost 25,000,000 Interest cost 15,000,000 Benefits paid (12,000,000) Balance, December 31 $178,000,000 Plan assets Balance, January 1 $90,000,000 Actual return on plan assets 11,000,000 Contribution 23,000,000 Benefits paid (12,000,000) Balance, December 31 $112,000,000 The expected long-term return on plan assets is 9%. There were no other relevant data for the year. Required: Determine ABC pension expense for the year. Prepare the journal entries to record the pension expense and funding for the year