A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Inc.’s defined benefit pension plan follows. Six years earlier, Carney revised its pension formula and recalculated benefits earned by employees in prior years using the more generous formula. The prior service cost created by the recalculation is being amortized at the rate of $5 million per year. At the end of 2024, the pension formula was amended again, creating an additional prior service cost of $40 million. The expected rate of return on assets and the

Required:
1. Fill in the missing amounts.
2. Prepare the 2024 journal entry to record pension expense.
3. Prepare the journal entry(s) to record any 2024 gains and losses and new prior service cost in 2024.
4. Prepare the 2024 journal entries to record (a) the cash contribution to plan assets and (b) the payment of retiree benefits.

()s indicate credits; debits otherwise ($ in millions) Balance, Jan. 1, 2024 Service cost PBO (830) ? Plan Assets 680 Prior Service Net Cost Loss 20 93 Pension Expense 74 Cash Net Pension (Liability) / Asset (150) ?