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: $$10$ million per year$)$ $ $70$ million

Net loss$$AOCI at January $1,2024($previous losses exceeded previous gains$)$ $ $380$ million

Average remaining service life of the active employee group $10$ years

Actuary's discount rate $7\%$ Requlred:

$1-$a$.$ Determine Mahomes's pension expense for $2024.$

$1-$b$,2.$ to $4.$ Prepare the approprlate joumal entrles 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.

Answer is complete but not entirely correct.

Complete this question by entering your answers in the tabs below.

Req $1A$

Req $1B$ and $2$

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.

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 $10).$

Show less $4$ 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.