Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2011, Abbott and Abbott received the following information:

The expected long-term rate of return on plan assets was 10%. There was no prior service cost and a negligible net loss–AOCI on January 1, 2011.

Required:
1. Determine Abbott and Abbott's pension expense for 2011.
2. Prepare the journal entries to record Abbott and Abbott's pension expense, funding, and payment for2011.

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(S in millions) Projected Beefit Obligation Balance, January 1 Service cost Interest cost Benefits paid Balance, December 3T Plan Assets Balance January 1 Actual return on plan assets Contributions 2011 Benefits paid balance, December 31 120 20 12 S 143 S 80 20 100