Exercise 17-16 (Algo) Determine and record pension expense and gains and losses; funding and retiree benefits [LO17-6, 17-7] 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: $12 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. $ 84 million $ 480 million 10 years 7% ($ in millions) Beginning of 2024 PBO Plan Assets $1,400 Beginning of 2024 88 Return on plan assets, 8 (10% expected) 98 (22) Cash contributions (54) Lena: Retiree benefits $1,510 End of 2024 Service cont Interest cont, 74 Loss (gain) on PBO Lean: Retiree benefits End of 2024 $1,200 96 98 (54) $1,340 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.