Huntington Industries has a noncontributory, defined benefit pension plan.At December 31, 2003, Huntington received the following information (all amounts in millions):

Projected Benefit Obligation

Balance, January 1^st$360

Service Cost$60

Interest Cost$36

Benefits paid($27)

Balance, December 31^st $429

Plan Assets

Balance, January 1^st$240

Actual return on plan assets$27

Contributions in 2003$60

Benefits paid($27)

Balance, December 31^st$300

The expected rate of return on plan assets was 10%.There was no unrecognized prior service cost or gains/losses on January 1, 2003.

(a)Determine Huntington's pension expense for 2003.

(b)Prepare the journal entry to record Huntington's pension expense and funding for 2003.