Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2018, Abbott and Abbott received the following information: Projected Benefit Obligation ($ in millions) Balance, January 1 $ 125 Service cost 22 Interest cost 15 Benefits paid (8 ) Balance, December 31 $ 154 Plan Assets Balance, January 1 $ 75 Actual return on plan assets 10 Contributions 2018 22 Benefits paid (8 ) Balance, December 31 $ 99 The expected long-term rate of return on plan assets was 12%. There was no prior service cost and a negligible net loss–AOCI on January 1, 2018. Required: 1. Determine Abbott and Abbott’s pension expense for 2018. 2. Prepare the journal entries to record Abbott and Abbott’s pension expense, funding, and payment for 2018.