TB Problem 17-170 (Static) 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. X Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required 1 2 Determine pension expense for the year. (Amounts to be deducted should be indicated with a minus sign.) Pension Expense Service cost Interest cost Expected return Amortization of prior service cost Amortization of net gain $ 200,000 112,000 (150,000 20,000 (4,000 Pension expense $ 178,000 TB Problem 17-170 (Static) 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 20,000 cost 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. X Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare the journal entries to record pension expense and funding for the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Show less No Transaction General Journal Debit Credit 1 1 Pension expense 178,000 Plan assets 115,000 Amortization of net gain - OCI 220,000 2 2 2 115,000 Plan assets Cash 115,000x