Pension data for the Guiyang Tea 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, $$160,000$January $1$: PBO$ $1,360,000$ABO$960,000$Plan assets$1,460,000$Amortization of prior service cost$16,000$Amortization of net gain$3,600$December $31$: Cash contributions to pension fund$ $216,000$Benefit payments to retirees$236,000$Required:Determine pension expense for the year.Prepare the journal entries to record pension expense and funding for the year.