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 (5.0%) Benefits paid Balance, December 31 ($ in millions) $1,280 98 50 64 (96) $1,396 Plan Assets Balance, January 1 Actual return on plan assets Contributions 2021 Benefits paid Balance, December 31 ($ in millions) $610 62 98 (96) $674 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 $50 million. Required: 1. Determine Lacy's pension expense for 2021. 2. Prepare the journal entry(s) to record Lacy's (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of retiree benefits for 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine Lacy's pension expense for 2021. Pension expense million Journal entry worksheet < A B C D E Record the pension expense. Note: Enter debits before credits. Transaction General Journal Debit Credit A Record entry Clear entry View general journal Journal entry worksheet < A B C DE Record the gain or loss on plan assets. Note: Enter debits before credits. Transaction B General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < A B C DE Record the prior service cost. Note: Enter debits before credits. Transaction General Journal Debit Credit C Record entry Clear entry View general journal Journal entry worksheet < A B C D E Record the funding. Note: Enter debits before credits. Transaction D General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < A B C D E Record the payment of retiree benefits. Note: Enter debits before credits. Transaction E General Journal Debit Credit Record entry Clear entry View general journal