Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2024, Abbott and Abbott received the following information: Projected Benefit Obligation ($ in millions) Balance, January 1 $ 125 Service cost 25 Interest cost 10 Benefits paid (8) Balance, December 31 $ 152 Plan Assets Balance, January 1 $ 75 Actual return on plan assets 8 Contributions 2021 25 Benefits paid (8) Balance, December 31 $ 100 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. Complete this question by entering your answers in the tabs below. 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 expense1. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record Abbott and Abbott's (a) pension expense, (b) funding, and (c) payment for 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet 2 3 Record the pension expense. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal1. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record Abbott and Abbott's (a) pension expense, (b) funding, and (c) payment for 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet 2 3 > Record the funding of plan assets. Note: Enter debits before credits. Transaction General Journal Debit Credit 2 Record entry Clear entry View general journal1. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record Abbott and Abbott's (a) pension expense, (b) funding, and (c) payment for 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet 2 Record the payment of benefits. Note: Enter debits before credits. Transaction General Journal Debit Credit 3 Record entry Clear entry View general journal