Carmichael Corporation has had a defined benefit pension plan for three decades. Two years ago, the company improved the benefits at a cost of $2,800,000. Pension plan assets were $84,000,000 while pension obligations were $76,000,000 at the beginning of the year. For the current year, Carmichael's pension plan incurred current service cost of $6,400,000 and interest of $8,600,000. The pension's assets earned $9,000,000, which is $400,000 below expectations. There were no actuarial gains or losses for the year.

Required: 1. Compute the pension expense for the year. 2. Record the journal entries for Carmichael's pension plan assuming they made a $5,000,000 contribution of cash at the end of the year