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Problem Five: Pensions Actuarial reports indicate the following changes in the PBO and plan assets of MeatPackers Industries during 2019: Prior Service cost at Jan 1, 2019 from plan amendment at the beginning of 2016 (amortization: $4 million per year) $28 m Net Loss -OCI at Jan 1, 2019 (previous losses exceeded previous gains) $80m Average remaining service life of the active employee group Actuary's discount rate 10 years 7% Plan Assets $400 $600 80 ($ in millions) PBO Beginning of 2016 Service cost Interest cost, 7% Loss (gain) on PBO Less: Retiree benefits End of 2016 Beginning of 2016 Return on plan assets, 8% (10% expected) Cash contributions Less: Retiree benefits End of 2016 (14) (38) $670 (38) $484 Required: Determine MeatPackers' pension expense for 2019 and prepare the appropriate journal entries to record the expense. Prepare any other appropriate pension related journal entry(ies) for 2019. Preparation of a pension worksheet might be very helpful