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, $180,000 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 $1,380,000 980,000 1,480,000 18,000 3,800 $ 218,000 238,000 Required: 1. Determine pension expense for the year. 2. Prepare the journal entries to record pension expense and funding for the year