Actuary and trustee reports indicate the following changes in the PBO and plan assets of Rocky Uniforms during 2018: Prior service cost at Jan. 1, 2018, from plan amendment at the beginning of 2016 (amortization: $8 million per year) $64 million Net loss-pensions at Jan.1, 2018 (previous losses exceeded previous gains) $80 million Average remaining service life of the active employee group 10 years Actuary's discount rate 8% ($ in millions) PBO PLAN ASSETS Beginning of 2018 $600 Beginning of 2018 $400 Service cost 96 Return on plan assets, 7.5% (10% expected) 30 Interest cost, 8% 48 Loss (gain) on PBO (4) Cash contributions 90 Less: Retiree benefits (40) Less: Retiree benefits (40) End of 2018 $700 End of 2018 $480 Required: 1. Determine Reeves' pension expense for 2018 and prepare the appropriate journal entries to record the expense and cash contribution to plan assets. *PBO and Plan Asset accounts are not used in this journal entry. 2. Determine the new gains and/or losses in 2018 and prepare the appropriate journal entry to record them. PLEASE ANSWER QUESTIONS 1 & 2