Abbott and Abbott has a noncontributory defined benefit pension plan. At Decembe

Abbott and Abbott has a noncontributory defined benefit pension plan. At December 31 2011 Abbott and Abbott received the following information:($in millions)Projected Benefit ObligationBalance January 1$120Service cost20Interest cost12Benefits paid(9)Balance December 31$143Plant AssetsBalance January 1$80Actual return on plan assets9Contribution 201120Benefits paid(9)Balance December 31$100The 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 to record Abbott and Abbotts pension expense funding and payment for 2011.