$20)[10$ points$]$ 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$

Required:

$1.$ Determine pension expense for the year.

$2.$ Prepare the journal entries to record pension expense and funding for the year.

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 $240,000$