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	$ 560
Service cost	80
Prior service cost	32
Interest cost (5%)	28
Benefits paid	(87)
Balance, December 31	$ 613

Plan Assets	($ in millions)
Balance, January 1	$ 430
Actual return on plan assets	45
Contributions 2024	80
Benefits paid	(87)
Balance, December 31	$ 468

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 $32 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:

Determine Lacys net pension cost for 2024.

Prepare the journal entry(s) to record Lacys (a) net pension cost, (b) gains or losses, (c) prior service cost, (d) funding, and (e5) payment of retiree benefits for 2024.

Complete this question by entering your answers in the tabs below. Determine Lacy's net pension cost for 2024 . Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in m place (i.e., 5,500,000 should be entered as 5.5 )