Burrito Corporation Has a Defined Benefit Pension Plan The Expected Long-Term Return on Plan Assets Is 10

Burrito Corporation has a defined benefit pension plan. Burrito received the following information for the current calendar year: $$\begin{array} { | l | r | } \hline \text { Projected benefit obligation } & \\\hline \text { Balance, January 1 } & \$ 150,000,000 \\\hline \text { Service cost } & 25,000,000 \\\hline \text { nnterest cost } & 15,000,000 \\\hline \text { Benefits paid } & ( 12,000,000 ) \\\text { Balance, December } 31 & \$ 178,000,000 \\\hline \text { Plan assets } & \\\hline \text { Balance, January 1 } & \$ 90,000,000 \\\hline \text { Actual return on plan assets } & \mathbf { 1 1 , 0 0 0 , 0 0 0 } \\\hline \text { Contribution } & \mathbf { 2 3 , 0 0 0 , 0 0 0 } \\\hline \text { Benefits paid } & \underline { \mathbf { 1 2 } , 0000,000 ) } \\\text { Balance, December 31 } & \$ 112,000,000 \\\hline\end{array}$$ 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.

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