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Beaver Corporation has a defined benefit pension plan. Beaver received the following information for the...

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Accounting

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

Projected benefit obligation
Balance, January 1 $150,000,000
Service cost 25,000,000
Interest cost 15,000,000
Benefits paid (12,000,000)
Balance, December 31 $178,000,000
Plan assets
Balance, January 1 $90,000,000
Actual return on plan assets 11,000,000
Contribution 23,000,000
Benefits paid (12,000,000)
Balance, December 31 $112,000,000

The expected long-term return on plan assets is 10%. There were no other relevant data for the year. Required: 1. Determine Beaver's pension expense for the year. 2. Prepare the journal entries to record the pension expense and funding for the year.

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