Pension data for the Ben Franklin Company 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, $150,000 January 1: ABO Plan assets Amortization of prior service cost Amortization of net gain December 31: Cash contributions to pension fund Benefit payments to retirees $1,350,000 950,000 1,450,000 15,000 3,500 $ 215,000 235,000 Required: 1. Determine pension expense for the year. 2. Prepare the journal entries to record pension expense and funding for the year. Answer is not complete. 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.) No Transaction 1 1 Pension expense Income tax expense Cash General Journal < Required 1 Required 2 > Debit 124,500 Credit 90,500 x 215,000