Pension data for the Jones 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$

Amort of prior service cost $$20,000$

Amort of net gaint $$4,000$

December $31$:

Cash contributions to pension funds $$220,000$

Benefit payments to retirees $$240,000$

Required:

$1.$ Determine the pension expense for the year.

$2.$ Prepare the journal entries to record:$1)$ Pension expense

$2)$ Contribution

$3)$ Benefit payment

$4)$ Any gain or loss