Pension data for Sam Adams Inc. include the following for the current calendar year: Discount rate, 6% Expected return on plan assets, 8% Actual return on plan assets, 7% Service cost, $480,000

January 1:
PBO	$	3,080,000
ABO		2,080,000
Plan assets		3,280,000
Amortization of prior service cost		38,000
Amortization of net gain		7,800
December 31:
Cash contributions to pension fund	$	283,000
Benefit payments to retirees		318,000

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