Lacy Construction has a noncontributory, defined benefit pension plan. At December 31, 2024, Lacy received the following information: ($ in millions) Projected Benefit Obligation Balance, January 1 Service cost Prior service cost Interest cost (5.0%) Benefits paid Balance, December 31 Plan Assets Balance, January 1 Actual return on plan assets Contributions 2024 Benefits paid Balance, December 31 $840 76 28 42 (77) $ 909 ($ in millions) $ 390 43. 76 (77) $432 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 $28 million Required: 1. Determine Lacy's pension expense for 2024. 2. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine Lacy's pension expense for 2024. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answer in millions (l.e., 10,000,000 should be entered as 10). Pension Expense (5 in millions) Service cost Interest cost Expected return on the plan assets Amortization of prior service cost Amortization of net gain or net loss-AOCI Pension expense C: Required: Required 2 > 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). View transaction list Journal entry worksheet Show lessA