Tacy Construction has a noncontributory, defined benefit pension plan. At December 31, 2021, Lacy received the following information: (S in millions) $1,160 Projected Benefit Obligation Balance, January 1 Service cost Prior service cost Interest cost(5.0%) Benefits paid Balance, December 31 58 (84) $1,270 (S in millions) $550 Plan Assets Balance, January 1 Actual return on plan assets Contributions 2021 Benefits paid Balance, December 31 (84) S615 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 $44 million Required: 1. Determine Lacy's pension expense for 2021. 2. 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 for 2021. Complete this question by entering your answers in the tabs below. Prev 1 of 2 Next