Abbott and Abbott

Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2011, Abbott and Abbott received the following information: ($ in the millions) Projected Benefit Organization Balance, January 1 $120 Service Cost 20 Interest Cost 12 Benefits paid (9) Balance, December 31 $143 Plan Assets Balance, January 1 $ 80 Actual return on plan assets 9 Contribution 2011 20 Benefits paid (9) Balance, December 31 $100 The expected long-term rate of return on plan assets was 10%. There was no prior service cost and a negligible net loss- AOCI on January 1, 2011. Required: 1. Determine Abbott and Abbotts pension expense for 2011. 2. Prepare the journal entries record Abbott and Abbotts pension, funding, and payments for 2011.