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Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2021, Abbott...

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Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2021, Abbott and Abbott received the following information: Projected Benefit Obligation Balance, January 1 Service cost Interest cost Benefits paid Balance, December 31 ($ in millions) $100 21 10 (10) $121 Plan Assets Balance, January 1 Actual return on plan assets Contributions 2021 Benefits paid Balance, December 31 $ 80 10 21 (10) $101 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, 2021. Required: 1. Determine Abbott and Abbott's pension expense for 2021. 2. Prepare the journal entries to record Abbott and Abbott's (a) pension expense, (b) funding, and (c) payment for 2021. Journal entry worksheet A Record the pension expense. Note: Enter debits before credits. Transaction General Journal Debit Credit A Record entry Clear entry View general journal Journal entry worksheet Record the funding of plan assets. Note: Enter debits before credits. Transaction General Journal Debit Credit B Record entry Clear entry View general journal Journal entry worksheet

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