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, $120,000 January 1: PBO ABO Plan assets Amortization of prior service cost Amortization of net gain $1,320,000 920,000 1,420,000 12,000 3,200 December 31 Cash contributions to pension fund Benefit payments to retirees 212,000 232,000 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 1 Required 2 Determine pension expense for the year. (Amounts to be deducted should be indicated with a minus sign.)