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 ABO Plan assets Amortization of prior service cost Amortization of net gain December 31: Cash contributions to pension fund Benefit payments to retirees Required: 1. Determine pension expense for the year. $3,060,000 2,060,000 3,260,000 36,000 7,600 $ 281,000 316,000 2. Prepare the journal entries to record pension expense and funding for the year. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine pension expense for the year. (Amounts to be deducted should be indicated with a minus sign.) Pension Expense Interest cost Service cost Expected return Amortization of prior service cost Amortization of net gain Pension expense $ 244,800 460,000 (326,000) 36,000 (7,600) $ 407,200 Complete this question by entering your answers in the tabs below. Required 1 Required 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.) View transaction list View journal entry worksheet No Transaction General Journal 1 1 Pension expense Debit Credit 407,200