Actuary and trustee reports indicate the following changes in the PBO and plan assets of Mahomes Industries during 2024: Prior service cost at January 1, 2024, from plan amendment at the beginning of 2021 (amortization: $6 million per year) Net loss-AOCI at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2024 Service cost Interest cost, 7% Loss (gain) on PBO Less: Retiree benefits End of 2024 Required: $ 800 Plan Assets Beginning of 2024 82 Return on plan assets, 8% (10% expected) 56 (16) Cash contributions (42) Less: Retiree benefits $ 880 End of 2024 1-a. Determine Mahomes's pension expense for 2024. $ 42 million $ 180 million 10 years 7% $ 600 48 92 (42) $ 698 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. Complete this question by entering your answers in the tabs below. Req 1A Req 1B and 2 to 4 Determine Mahomes's pension expense for 2024. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Pension Expense Service cost Interest cost Expected return on the plan assets Amortization of prior service cost Amortization of net loss Pension expense $ 0 < Req 1A Req 1B and 2 to 4 > Complete this question by entering your answers in the tabs below. Req 1B and 2 Req 1A 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. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). View transaction list View journal entry worksheet No Event General Journal Debit Credit 1 1 Pension expense Plan assets 2 2 Amortization of net loss - OCI Amortization of prior service cost - OCI PBO Loss - OCI Plan assets 3 3 Gain - OCI 4 4 Plan assets Cash 5 5 PBO Plan assets < Req 1A Req 1B and 2 to 4 Show less