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Gorky - Park Corporation provides postretirement health care benefits to employees who provide at least 1 0 years of service and reach age 6 0

Gorky-Park Corporation provides postretirement health care benefits to employees who provide at least 10 years of service and reach age 60 while in service. On January 1,2024, the following plan-related data were available:
($ in millions)
Accumulated postretirement benefit obligation $ 140
Fair value of plan assets None
Average remaining service period to retirement 25 years (same in previous 10 years)
Average remaining service period to full eligibility 20 years (same in previous 10 years)
On January 1,2024, Gorky-Park amends the plan to provide certain dental benefits in addition to previously provided medical benefits. The actuary determines that the cost of making the amendment retroactive increases the APBO by $20 million. Management chooses to amortize the prior service cost on a straight-line basis. The service cost for 2024 is $43 million. The interest rate is 8%.
Required:
1.Calculate the postretirement benefit expense for 2024.
2. Prepare the journal entry to record the expense.

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