Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2024, Abbott and Abbott received the following information: Projected Benefit Obligation Balance, January 1 Service cost Interest cost Benefits paid Balance, December 31 Plan Assets Balance, January 11 Actual return on plan assets Contributions 2021 Benefits paid Balance, December 31 ($ in millions) $ 125 39 10 (8) $166 $75 8 39 (8) $114 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, 2024 Required: 1. Determine Abbott and Abbott's pension expense for 2024. 2. Prepare the journal entries to record Abbott and Abbott's (a) pension expense. (b) funding, and (c) payment for 2024. Required 1 Required 2 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). Pension Expense Pension expense Journal entry worksheet < 2 3 Record the pension expense. Note: Enter debits before credits. Transaction General Journal Debit Credit > < 1 3 Record the funding of plan assets. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit Record entry Clear entry View general journal 2 Record the payment of benefits. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal V