Sequoia Corporation has a defined benefit pension plan. Sequoia received the following information for the current calendar year:

The expected long-term return on plan assets is 10%. There were no changes in any actuarial assumptions during the year and no prior service costs originated. Other relevant data for the year:

(1) As of January 1, the balance in AOCI- net pension losses is $90,000,000, and the average remaining service life of active employees is 10 years at that date.

(2) As of January 1, the balance in AOCI - prior service cost is $28,000,000, and the average remaining service life of affected employees is 4 years at that date.

Required:

Determine the pension expense for the year and prepare the JEs

Projected benefit this tion Balance, Janiny 1 Service cast Interest anst Benefits paid Balance, Decraber 31 Plan assets Balance, Janary 1 Actual return an plan asets Contribution Benefits paid Balance, Derber 31 $100,000,000 15,000,000 10,000,000 (6.000.000) $117,000,000 $60,000,000 7,000,000 16,000,000 0,000,000 $75,000,000 Projected benefit this tion Balance, Janiny 1 Service cast Interest anst Benefits paid Balance, Decraber 31 Plan assets Balance, Janary 1 Actual return an plan asets Contribution Benefits paid Balance, Derber 31 $100,000,000 15,000,000 10,000,000 (6.000.000) $117,000,000 $60,000,000 7,000,000 16,000,000 0,000,000 $75,000,000