Pension data for the Ben Franklin Company Include the following for the current calendar year: Discount rate, 10% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, $300,000 January l: PBO ABO Plan assets Amortization of prior service cost Amortization of net gain $1,500,000 1,100,000 1,600,000 30,000 5,000 December 31: Cash contributiona to pension tund Benefit payments to retirees $ 230,000 250,000 Required: 1. Determine pension expense for the year 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 Required 1Required 2 Determine pension expense for the year. (Amounts to be deducted should be indicated with ? minus sign.) S 300 Service cost Interest cost Expected return Amortization of prior service cost Amortization of net loss 150,000 (192,000 30,000 (5.000 Pension expense S 283,000 Required1 Required: 1. Determine pension expense for the year 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 Required 1Required 2 Prepare the journal entries to record pension expense and funding for the year. (If no entry is required for a transaction event, st"No journal entry required" in the first account field.) No Transaction General Journal Debit Credit Pension expense Cash Required 1 Required 2