Burrito Corporation has a defined benefit pension plan. Burrito received the following information for the current calendar year; Projected benefit obligation Balance, January 11 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 $155,000,000 27,500,000 15,500,000 (14,500,000) $183,500,000 $ 92,500,000 11,250,000 25,500,000 (14,500,000) $114,750,000 The expected long-term return on plan assets is 10% 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.