Lacy Construction has a noncontributory, defined benefit pension plan At December 31, 2021, Lacy received the following information: Projected Benefit Obligation Balance, January 1 Service cost Prior service cost Interest cost (7.5%) Benefits paid Balonce, December 31 (5 in millions) 5 360 60 12 27 (27) 5.422 plan Assets Balance, January 1 Actual return on plan assets Contributions, 2021 Benefits paid Balonce, December 31 (5 in millions) $ 240 27 be (32) $ 290 The expected long-term rate of return on plan assets was 10%. There were no AOCI balances related to pensions on January 1, 2021 At the end of 2021. Lacy amended the pension formula creating a prior service cost of $12 million Assume Lacy Construction prepares its financial statements according to International Financial Reporting Standards (IFRS) and that the actuary's discount rate is the rate on high-quality corporate bonds. Required: 1. Determine Lacy's net pension cost for 2021 2. Prepare the journal entry(s) to record Lacy's (a) net pension cost. (b) gains or losses. (c) prior service cost. (d) funding, and (e) payment of retiree benefits for 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entry) to record Lacy's (a) net pension cost, (b) gains or losses, (c) prior service cost, (d) funding, and () payment of retiree benefits for 2021, (if no entry is required for a transaction/event, select "No joumal entry required in the first account feld, Enter your answers in million 10,000,000 should be entered as 10).) View transaction list View journal entry worksheet NO Credit A General Journal Service cost DO (2021 Service Cos) 72 72