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 (5) Benefits paid Balance, December 31 (in millions $ 500 74 26 25 (23 553 Plan Assets Balance, January 1 Actual return on plan assets Contributions, 2021 Benefits paid Balance, December 31 1 $ 370 42 74 (22) $ 414 The expected long-term rate of return on plan assets was 10%. There were no AOCI balances related to pensions on Januaryt 2021 At the end of 2021, Lacy amended the pension formula creating a prior service cost of $26 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 () net pension cost. (b) gains or losses. O prior service cost. (d) funding, and (e) payment of retiree benefits for 2021 a return on plan assets Contributions, 2021 Benefits paid Balance, December 31 74 (72) $ 414 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 $26 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. (c) funding, and (e) payment of retiree benefits for 2021 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine Lacy's net pension cost for 2021. Net pension cost milion Required 2 > Required 1 Required 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 (0) payment of retiree benefits for 2021. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in millions rounded to 1 decimal place (I..., 5,500,000 should be entered as 5.5).) View transaction list Journal entry worksheet