Pension data for Sam Adams Inc. include the following for the current calendar year:

Discount rate, 8%

Expected return on plan assets, 10%

Actual return on plan assets, 9%

Service cost, $320,000

January 1:
PBO	$	2,920,000
ABO		1,920,000
Plan assets		3,120,000
Amortization of prior service cost		22,000
Amortization of net gain		6,200
December 31:
Cash contributions to pension fund	$	267,000
Benefit payments to retirees		302,000

Required:

1.

Determine pension expense for the year. (Amounts to be deducted should be indicated with a minus sign.)

2.	Prepare the journal entries to record pension expense and funding for the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)