Burrito Corporation has a defined benefit pension plan. Burrito received the following information for the current calendar year:

Projected benefit obligation Balance, January 1 $ 143,000,000

Service cost 21,500,000

Interest cost 17,160,000

Benefits paid (8,500,000 )

Balance, December 31 $ 173,160,000

Plan assets Balance, January 1 $ 86,500,000

Actual return on plan assets 12,380,000

Contribution 19,500,000

Benefits paid (8,500,000 )

Balance, December 31 $ 109,880,000

The expected long-term return on plan assets is 12%. There were no other relevant data for the year.

Required:

1. Determine Burrito's pension expense for the year. 2. Prepare the journal entries to record the pension expense and funding for the year.