Actuary and trustee reports indicate the following changes in the PBO and plan assets of Mahomes Industries during 2024:

This is all the information provided in the question.

Required:

1-a. Determine Mahomes's pension expense for 2024. 1-b, 2. to 4. Prepare the appropriate journal entries to record the pension expense, to record any 2024 gains and losses, to record the cash contribution to plan assets and to record retiree benefits.

Prior service cost at January 1, 2024, from plan amendment at the beginning of 2021 (amortization: \$4 million per year) \$ 28 million Net loss-AOCI at January 1, 2024 (previous losses exceeded previous gains) $80 million Average remaining service life of the active employee group 10 years Actuary's discount rate 7% Determine Mahomes's pension expense for 2024. Note: Amounts to be deducted should be indicated with a m be entered as 10). Prepare the appropriate journal entries to record the pension expense, to record any 2024 gains and losses, to record the cash contribution to plan assets and to record retiree benefits. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answe in millions (i.e., 10,000,000 should be entered as 10 ). Journal entry worksheet Journal entry worksheet Record the change in plan assets. Note: Enter debits before credits. Journal entry worksheet 1 Record the change in the PBO. Note: Enter debits before credits. Journal entry worksheet