Lacy Construction has a noncontributory, defined benefit pension plan. At December 31, 2021, Lacy received the following information:

Projected Benefit Obligation	($ in millions)
Balance, January 1		$	540
Service cost			78
Prior service cost			30
Interest cost(5%)			27
Benefits paid			(82	)
Balance, December 31		$	593

Plan Assets	($ in millions)
Balance, January 1		$	410
Actual return on plan assets			44
Contributions, 2021			78
Benefits paid			(82	)
Balance, December 31		$	450

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 $30 million. Assume Lacy Construction prepares its financial statements according to International Financial Reporting Standards (IFRS) and that the actuary's discount rate is the rate on high-quality corporate bonds. Required: 1. Determine Lacys net pension cost for 2021. 2. Prepare the journal entry(s) to record Lacys (a) net pension cost, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of retiree benefits for 2021

Lacy Construction has a noncontributory, defined benefit pension plan. At December 31, 2021, Lacy received the following informatic The expected long-term rate of return on plan assets was 10%. There were no AOCl balances related to pensions on January 1,2021 At the end of 2021 , Lacy amended the pension formula creating a prior service cost of $30 million. Assume Lacy Construction prepares its financial statements according to International Financial Reporting Standards (IFRS) and that the actuary's discount rate is the rate on high-quality corporate bonds. Required: 1. Determine Lacys net pension cost for 2021. 2. Prepare the journal entry(s) to record Lacy's (a) net pension cost, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of retiree benefits for 2021 x Answer is not complete. Complete this question by entering your answers in the tabs below. Determine Lacy's net pension cost for 2021 . Lacy Construction has a noncontributory, defined benefit pension plan. At December 31, 2021, Lacy received the following informatic The expected long-term rate of return on plan assets was 10%. There were no AOCl balances related to pensions on January 1,2021 At the end of 2021 , Lacy amended the pension formula creating a prior service cost of $30 million. Assume Lacy Construction prepares its financial statements according to International Financial Reporting Standards (IFRS) and that the actuary's discount rate is the rate on high-quality corporate bonds. Required: 1. Determine Lacys net pension cost for 2021. 2. Prepare the journal entry(s) to record Lacy's (a) net pension cost, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of retiree benefits for 2021 x Answer is not complete. Complete this question by entering your answers in the tabs below. Determine Lacy's net pension cost for 2021