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, $460,000

January 1:
PBO	$	3,060,000
ABO		2,060,000
Plan assets		3,260,000
Amortization of prior service cost		36,000
Amortization of net gain		7,600
December 31:
Cash contributions to pension fund	$	281,000
Benefit payments to retirees		316,000

Required: 1. Determine pension expense for the year. 2. Prepare the journal entries to record pension expense and funding for the year.