Exercise $17-16($Algo$)$ Determine and record pension expense and gains and losses; funding and retiree benefits $[$LO$17-6,17-7]$

Actuary and trustee reports indicate the following changes in the PBO and plan assets of Douglas$-$Roberts Industries during $2021$:

Prior service cost at Jan. $1,2021,$ from plan amendment at the

beginning of $2018($amortization: $$2$ million per year$)$ $ $14$ million

Net loss$$AOCI at Jan$\mathrm{.}1,2021($previous losses exceeded previous gains$)$ $ $90$ million

Average remaining service life of the active employee group $10$ years

Actuary's discount rate $7\%$

$($$ in millions$)$ Plan

PBO Assets

Beginning of $2021$ $ $700$ Beginning of $2021$ $ $500$

Service cost $40$ Return on plan assets,

$8\%(10\%$ expected$)40$

Interest cost, $7\%49$

Loss $($gain$)$ on PBO $(15)$ Cash contributions $91$

Less: Retiree benefits $(25)$ Less: Retiree benefits $(25)$

End of $2021$ $ $749$ End of $2021$ $ $606$

Required:

$1-$a$.$ Determine Douglas$-$Roberts's pension expense for $2021.$

$1-$b$,2.$ to $4.$ Prepare the appropriate journal entries to record the pension expense, to record any $2021$ gains and losses, to record the cash contribution to plan assets and to record retiree benefits.