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 retum on plan assets, 11% Service cost, $270,000 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 $1,470,000 1,070,000 1,570,000 27,000 4,700 $ 227,000 247,000 Required: 1. Determine pension expense for the year. 2. Prepare the journal entries to record pension expense and fundingkor the year