please do both parts of the problem. i will thumbs up for correct answer
Exercise 17-10 (Algo) Determine pension expense (LO17-6, 17-7] Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2021, Abbott and Abbott received the following information: Projected Benefit obligation ($ in millions) Balance, January 1 $150 Service cost 30 Interest cost 12 Benefits paid Balance, December 31 $184 plan Assets Balance, January 1 Actual return on plan assets Contributions 2021 Benefits paid Balance, December 31 $125 11 30 (B $158 The expected long-term rate of return on plan assets was 8%. There was no prior service cost and a negligible net loss-AOCI on January 1, 2021 The expected long-term rate of return on plan assets was 8%. There was no prior service cost and a negligible net loss-AOCI on January 1, 2021 Required: 1. Determine Abbott and Abbott's pension expense for 2021. 2. Prepare the journal entries to record Abbott and Abbott's (a) pension expense, (b) funding, and (c) payment for 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine Abbott and Abbott's pension expense for 2021. Pension expenso million Required Required 2 > Required: 1. Determine Abbott and Abbott's pension expense for 2021. 2. Prepare the journal entries to record Abbott and Abbott's (a) pension expense, (b) funding, and (c) payment for 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record Abbott and Abbott's (a) pension expense, (b) funding, and (c) payment for 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account held. Enter your answers in milions (I.. 10,000,000 should be entered as 10).) View transaction list View journal entry worksheet No Transaction Debit Credit General Journal No Transaction Recorded A