Beaver Corporation has a defined benefit pension plan. Beaver 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 10%. There were no other relevant data for the year. Required: 1. Determine Beaver's pension expense for the year. 2. Prepare the journal entries to record the pension expense and funding for the year.

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