Lewis Industries adopted a defined benefit pension plan on January 1, 2024.
• By making the provisions of the plan retroactive to prior years, Lewis incurred a prior service cost of $2 million.
• The prior service cost was funded immediately by a $2 million cash payment to the fund trustee on January 2, 2024.
• However, the cost is to be amortized (expensed) over 10 years.
• The service cost—$250,000 for 2024—is fully funded at the end of each year.
• Both the actuary’s discount rate and the expected rate of return on plan assets were 9%.
• The actual rate of return on plan assets was 11%.
• At December 31, the trustee paid $16,000 to an employee who retired during 2024.

Required:
Determine each of the following amounts as of December 31, 2024, the fiscal year-end for Lewis:
1. Projected benefit obligation.
2. Plan assets.
3. Pension expense.