$361 Park Construction has a noncontributory, defined benefit pension plan. At December 31, year 1, Park received the following information: ($ in millions) Projected Benefit Obligation Balance, January 1 Service cost Prior service cost Interest cost Benefits paid Balance, December 31 Plan Assets Balance, January 1 $238 Actual return on plan assets Contributions year 1 60 Benefits paid (26) Balance, December 31 $298 $445 26 The expected long-term rate of return on plan assets was 9%. There were no AOCI balances related to pensions on January 1, year 1. At the end of year 1, Park amended the pension formula creating a prior service cost of $12 million. Required: 1. Determine Park's pension expense for year 1. 2. Prepare the journal entry(s) to record Park's pension expense, gains or losses, prior service cost, funding, and payment of retiree benefits for year 1