Exercises -2 Exercise A-Chapter 17 Burrito Corporation has a defined benefit pension plan. Burrito received the following information for the current calendar year: Projected benefit obligation Balance, January1 Service cost Interest cost Benefits paid Balance, December 31 150,000,000 25,000,000 15,000,000 (12,000,000) $178,000,000 Plan assets Balance, January1 Actual return on plan $90,000,000 11,000,000 assets Contribution Benefits paid Balance, December 31 $112,000,000 23,000,000 (12,000,000) The expected long-term return on plan assets is 10%. There were no other relevant data for the year Required 1) Determine Burrito's pension expense for the year. 2) Prepare the journal entries to record the pension expense and funding for the year