Pension data for Sam Adams Inc. include the following for the current calendar year: Discount rate, 10% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, $340,000 January 1: PBO $ 2,940,000 ABO 1,940,000 Plan assets 3,140,000 Amortization of prior service cost 24,000 Amortization of net gain 6,400 December 31: Cash contributions to pension fund $ 269,000 Benefit payments to retirees 304,000 Required: 1. Determine pension expense for the year. 2. Prepare the journal entries to record pen
