70 million is incorrect

Lacy Construction has a noncontributory, defined benefit pension plan. At December 31, 2021, Lacy received the following information: Projected Benefit Obligation Balance, January 1 Service cost Prior service cost Interest cost(5%) Benefits paid Balance, December 31 ($ in millions) $ 660 90 42 33 (80) $ 745 Plan Assets Balance, January 1 Actual return on plan assets Contributions, 2021 Benefits paid Balance, December 31 ($ in millions) $ 530 56 90 (80) $ 596 The expected long-term rate of return on plan assets was 10%. There were no AOCI balances related to pensions on January 1, 2021. At the end of 2021, Lacy amended the pension formula creating a prior service cost of $42 million. Assume Lacy Construction prepares its financial statements according to International Financial Reporting Standards (IFRS) and that the actuary's discount rate is the rate on high-quality corporate bonds. Required: 1. Determine Lacy's net pension cost for 2021. 2. Prepare the journal entry(s) to record Lacy's (a) net pension cost, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of retiree benefits for 2021 Plan Assets Balance, January 1 Actual return on plan assets Contributions, 2021 Benefits paid Balance, December 31 ($ in millions) $ 530 56 90 (80) $ 596 The expected long-term rate of return on plan assets was 10%. There were no AOCI balances related to pensions on January 1, 2021. At the end of 2021, Lacy amended the pension formula creating a prior service cost of $42 million. Assume Lacy Construction prepares its financial statements according to International Financial Reporting Standards (IFRS) and that the actuary's discount rate is the rate on high-quality corporate bonds. Required: 1. Determine Lacy's net pension cost for 2021. 2. Prepare the journal entry(s) to record Lacy's (a) net pension cost, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of retiree benefits for 2021 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine Lacy's net pension cost for 2021. Net pension cost $ 70 million