Pension data for Sam Adams Inc. include the following for the current calendar year Discount rate, 6% Expected return on plan assets, 8% Actual return on plan assets, 7% Service cost, $450,000 January 1: PBO ABO Plan assets Amortization of prior service cost Amortization of net gain December 31: Cash contributions to pension fund Benefit payments to retirees $3,050,000 2,050,000 3,250,000 35,800 7,500 $ 280,000 315,000 Required: 1. Determine pension expense for the year. 2. Prepare the journal entries to record pension expense and funding for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine pension expense for the year. (Amounts to be deducted should be indicated with a minus sign.) Pension Expense Pension expense Required Required 2 > Pension data for Sam Adams Inc. include the following for the current calendar year: Discount rate, 6% Expected return on plan assets, 8% Actual return on plan assets, 7% Service cost, $450,000 January 1: PBO ABO Plan assets Amortization of prior service cost Amortization of net gain December 31: Cash contributions to pension fund Benefit payments to retirees $3,050,000 2,050,000 3,250,000 35,000 7,500 $ 280,000 315,000 Required: 1. Determine pension expense for the year. 2. Prepare the journal entries to record pension expense and funding for the year Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record pension expense and funding for the year. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the pension expense for the year. Pension data for Sam Adams Inc. include the following for the current calendar year. Discount rate, 6% Expected return on plan assets, 8% Actual return on plan assets, 7% Service cost, $450,000 January 1: PBO Plan assets Amortization of prior service cost Amortization of net gain December 31: Cash contributions to pension fund Benefit payments to retirees $3,050,000 2,850,000 3,250,000 35,000 7,500 $ 280, eee 315,000 Required: 1. Determine pension expense for the year. 2. Prepare the journal entries to record pension expense and funding for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record pension expense and funding for the year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record funding for the year. Note: Enter debits before credits