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

Lasagna Corporation has a defined benefit pension plan. Lasagna received the following information for the current calendar year: $$\begin{array} { | l | r | } \hline \text { Projected benefit obligation } & \\\hline \text { Balance, January 1 } & \$ 100,000,000 \\\hline \text { Service cost } & 18,000,00 \\\hline \text { Interest cost } & 10,000,000 \\\hline \text { Benefits paid } & ( 8,000,000 ) \\\hline \text { Balance, December } 31 & \$ 120,000,000 \\\hline \text { Plan assets } &\\\hline \text { Balance, January 1 } & \$ 70,000,000 \\\hline \text { Actual return on plan assets } &7 , 0 0 0 , 0 0 0 \\\hline \text { Contribution } & 1 6 , 0 0 0 , 0 0 0 \\\hline \text { Benefits paid } & ( 8 , 0 0 0 , 0 0 0 ) \\\hline \text { Balance, December } 31 & \$ 85,000,000 \\\hline\end{array}$$ The expected long-term return on plan assets is 10%. There were no other relevant data for the year.
Required:
1) Determine Lasagna Corporation'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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