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, $220,000

January 1:
PBO	$ 1,420,000
ABO	1,020,000
Plan assets	1,520,000
Amortization of prior service cost	22,000
Amortization of net gain	4,200
December 31:
Cash contributions to pension fund	$ 222,000
Benefit payments to retirees	242,000

Required:

1. Determine pension expense for the year.
2. Prepare the journal entries to record pension expense and funding for the year.