Burrito Corporation has a defined benefit pension plan. Burrito received the following information for the current calendar year: Projected benefit obligation Balance, January 1 Service cost Interest cost Benefits paid Balance, December 31 Plan assets Balance, January 1 Actual return on plan assets Contribution Benefits paid Balance, December 31 $140,000,000 20,000,000 11,200,000 (7,000,000) $164,200,000 $ 85,000,000 8,800,000 18,000,000 (7,000,000) $104,800,000 The expected long-term return on plan assets is 8%. There were no other relevant data for the year. Required: 1. Determine Burrito's pension expense for the year. 2. Prepare the journal entries to record the pension expense and funding for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine Burrito's pension expense for the year. (Enter your answers in millions rounded to 2 decimal places. Amounts to be deducted should be indicated with a minus sign.) Pension Expense Service cost Interest cost Actual return on assets Pension expense ($ in millions) $ 20,000,000.00 11,200,000.00 (6,800,000.00) $ 24,400,000.00 1 Record the pension expense for the year. Record funding for the year. 2 Required 1 Required 2 Prepare the journal entries to record the pension expense and funding for the year. (Enter your answers in millions rounded to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal 1 1 Pension expense Plan assets PBO 2 2 Plan assets Cash Debit Credit 18,000,000.00 18,000,000.00 < Required 1 Required 2 >