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, $200,000

January 1:

PBO $1,400,000

ABO 1,000,000

Plan assets 1,500,000

Amortization of prior service cost 20,000

Amortization of net gain 4,000

December 31:

Cash contributions to pension fund $220,000

Benefit payments to retirees 240,000.

Required:

1) Determine pension expense for the year.

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