The expected long$-$term rate of return on plan assets was $10\%.$ There was no prior service cost and a negligible net loss $-$AOCl on

January $1,2024.$

Required:

Determine Abbott and Abbott's pension expense for $2024.$

Prepare the journal entries to record Abbott and Abbott's $($a$)$ pension expense, $($b$)$ funding, and $($c$)$ payment for $2024.$

Complete this question by entering your answers in the tabs below.

Required $1$

Determine Abbott and Abbott's pension expense for $2024.$

Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions $($i$.$e$.,10,000,000$ should

be entered as $10).$

Journal entry worksheet

$1$

$2$

$3$

Record the pension expense.

Note: Enter debits before credits.

Journal entry worksheet

Journal entry worksheet

$<mtext\; id="EditorElement\_1843043"></mtext><mn\; id="EditorElement\_1843044">1</mn><mn\; id="EditorElement\_1843045">2</mn><mn\; id="EditorElement\_1843046">4</mn>$

Record the payment of benefits.

Note: Enter debits before credits.