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Exam Burrito Corporation has a defined benefit pension plan Burrito received the following information for the current calendar year 28 Projected benefit obligation Balance, January 1 Service cost Interest cost Benefits paid Balance, December 31 6 points $150,000,000 25, eee, 000 15, eee, eee (12,000,000) $178,000,000 8 02:41:21 Plan assets Balance, January 1 Actual return on plan assets Contribution Benefits paid Balance, December 31 $ 90,000,000 11,000,000 23,000,000 (12, eee, eee) $1113000,000 eBook 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. Comnlete this question by entering vour answers in the tahs below. Complete this question by entering your answers in the tabs below. 28 Required 1 Required 2 Determine Burrito's pension expense for the year. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.) 6 points Pension Expense (5 in millions) 8 02:41:25 eBook Pension expense Required Required 2 > Prepare the journal entries to record the pension expense and funding for the year. (Enter your answers in millions. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 28 View transaction list 6 points Journal entry worksheet 8 02:41:15 1 2 Record the pension expense for the year. eBook Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Exam #3 Saved Help Save & Exit Submit 2 28 Record funding for the year. Note: Enter debits before credits. nits Transaction General Journal Debit Credit 2 02:41:10 eBook Record entry Clear entry View general journal