Pension data for the Ben Franklin Company 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, $250,000 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 $1,450,000 1,050,000 1,550,000 25,000 4,500 $ 225,000 245,000 Required: 1. Determine pension expense for the year. 2. Prepare the journal entries to record pension expense and funding for the year