I need help on Requirment 2, please. thank you.

Lacy Construction has a noncontributory, defined benefit pension plan. At December 31, 2021, Lacy received the following information: Projected Benefit Obligation Balance, January 1 Service cost Prior service cost Interest cost (7.5%) Benefits paid Balance, December 31 ($ in millions) $360 60 12 27 (37) $ 422 1 Plan Assets Balance, January 1 Actual return on plan assets Contributions, 2021 Benefits paid Balance, December 31 ($ in millions) $ 240 27 60 (37) $ 290 The expected long-term rate of return on plan assets was 10%. There were no AOCI balances related to pensions on January 1, 2021. At the end of 2021, Lacy amended the pension formula creating a prior service cost of $12 million Required: 1. Determine Lacy's pension expense for 2021. 2. Prepare the summary journal entry to record Lacy's pension expense, gains or losses, prior service cost, funding, and payment of retiree benefits for 2021 Complete this question by entering your answers in the tabs below. Required 1 Required 2 The expected long-term rate of return on plan assets was 10%. There were no AOCI balances related to pensions on Ja At the end of 2021, Lacy amended the pension formula creating a prior service cost of $12 million. Required: 1. Determine Lacy's pension expense for 2021. 2. Prepare the summary journal entry to record Lacy's pension expense, gains or losses, prior service cost, funding, and retiree benefits for 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the summary journal entry to record Lacy's pension expense, gains or losses, prior service cost, funding, and payment of retiree benefits for 2021. Enter your answers in millions. (I.e., 10,000,000 should be entered as 10).) No Transaction General Journal Debit Credit A Pension expense 63 Pension Asset Liability 12 Cash Gain - OCI Prior service cost - OCI O 60 3 12 B 63 Pension expense Plan assets 24 PBO 87