Lacy Construction has a noncontributory, defined benefit pension plan. At December 31, 2024, Lacy received the following information: 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. ($ in millions) $ 1,240 96 48 62 (92) $ 1,354 ($ in millions) $ 590 61 96 (92) $ 655 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 $48 million. Required: 1. Determine Lacy's pension expense for 2024. 2. Prepare the journal entry(s) to record Lacy's (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of retiree benefits for 2024. Complete this question by entering your answers in the tabs below. Required Required 1 2 Determine Lacy's pension expense for 2024. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answer in millions (i.e., 10,000,000 should be entered as 10). Service cost Interest cost Pension Expense ($ in millions) Expected return on the plan assets Amortization of prior service cost Amortization of net gain or net loss -AOCI Pension expense Show less < Required 1 Required 2 >