Lacy Construction has a noncontributory, defined benefit pension plan. At December $31,$ Lacy received the following information: Projected Benefit Obligation$($$ in millions$)$Balance$,$ January $1$$ $1,320$Service cost$100$Prior service cost$52$Interest cost $(5\mathrm{.}0\%)66$Benefits paid$(99)$Balance$,$ December $31$$ $1,439$ Plan Assets$($$ in millions$)$Balance$,$ January $1$$ $630$Actual return on plan assets$65$Contributions$100$Benefits paid$(99)$Balance$,$ December $31$$ $696$ The expected long$-$term rate of return on plan assets was $10\%.$ There were no AOCI balances related to pensions on January $1.$ At the end of the year, Lacy amended the pension formula creating a prior service cost of $$52$ million. Required: Determine Lacy's pension expense. Prepare the journal entry$($s$)$ to record Lacy$$s $($a$)$ pension expense, $($b$)$ gains or losses, $($c$)$ prior service cost, $($d$)$ funding, and $($e$)$ payment of retiree benefits. Prev Question $7$ of $11$ Total$7$ of $11$ Visit question mapNext