Lacy Construction has a noncontributory, defined benefit pension plan. At December 31, 2024, Lacy received the following information:

Projected Benefit Obligation	($ in millions)
Balance, January 1	$ 1,000
Service cost	84
Prior service cost	36
Interest cost (5.0%)	50
Benefits paid	(97)
Balance, December 31	$ 1,073

Plan Assets	($ in millions)
Balance, January 1	$ 470
Actual return on plan assets	51
Contributions 2024	84
Benefits paid	(97)
Balance, December 31	$ 508

The expected long-term rate of return on plan assets was 10%. There were no AOCI balances related to pensions on January 1, 2024. At the end of 2024, Lacy amended the pension formula creating a prior service cost of $36 million.

Required:

Determine Lacy's pension expense for 2024.

Prepare the journal entry(s) to record Lacys (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of retiree benefits for 2024.

Complete this question by entering your answers in the tabs below. Determine Lacy's pension expense for 2024. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answer in millions (i.e., 10,000,000 should be entered as 10). Complete this question by entering your answers in the tabs below. Prepare the journal entry(s) to record Lacy's (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of retiree benefits for 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions. (i.e., 10,000,000 should be entered as 10). Show less 4 Journal entry worksheet 4 5 > Record the pension expense. Note: Enter debits before credits