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

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.

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

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

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 $7\%$

$($$ in millions$)$

PBO Plan Assets

Beginning of $2024$ $ $600$ Beginning of $2024$ $ $400$

Service cost $80$ Return on plan assets, $8\%(10\%$ expected$)32$

Interest cost, $7\%42$

Loss $($gain$)$ on PBO $(14)$ Cash contributions $90$

Less: Retiree benefits $(38)$ Less: Retiree benefits $(38)$

End of $2024$ $ $670$ End of $2024$ $ $484$

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.