Pension data for Company include the following for the current calendar year, 2023:

Discount rate, 8%

Expected return on plan assets, 10%

Actual return on plan assets, 9%

Service cost, $200,000

January 1:
PBO	$1,400,000
ABO	1,000,000
Plan assets	1,500,000
Prior service cost at January 1, from plan amendment at January 1, 2020 (amortization: $62,000 per year)	620,000
Net loss-AOCI at January 1, 2023 (previous losses exceeded previous gains)	250,000
Average remaining service life of the active employee group	10 years
December 31:
Cash contributions to pension fund	$220,000
Benefit payments to retirees	240,000

1) Determine pension expense for the year. Show your computation. No credit if not.

2) Prepare the journal entries to record the following:

a) Pension expense b) Contribution c) Benefit payment d) Any gain or loss occurred in 2023