Lacy Construction has a noncontributory, defined benefit pension plan. At December 31, 2024, 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) $ 1,000 84 36 50 (97) $ 1,073 Plan Assets Balance, January 1 Actual return on plan assets Contributions 2024 Benefits paid Balance, December 31 ($ in millions) $ 470 51 84 (97) $ 508 The expected long-term rate of return on plan assets was 10%. There were no AOCI balances related to pensions on January 1, 2024. At the end of 2024, Lacy amended the pension formula creating a prior service cost of $36 million. Required: 1. Determine Lacy's pension expense for 2024. 2. Prepare the journal entry(s) to record Lacy's (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of retiree benefits for 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine Lacy's pension expense for 2024. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answer in millions (i.e., 10,000,000 should be entered as 10). Pension Expense ($ in millions) Service cost Interest cost Expected return on the plan assets Amortization of prior service cost Amortization of net gain or net loss-AOC Pension expense $ 0 Required 1 Required 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 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions. (i.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet > 1 2 345 Record the pension expense. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 > Show less Journal entry worksheet 1 3 345 Record the gain or loss on plan assets. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit Journal entry worksheet < 1 2 Record the prior service cost. 4 5 Note: Enter debits before credits. Transaction General Journal Debit Credit 3 Journal entry worksheet < 1 2 3 4 5 Record the funding. Note: Enter debits before credits. Transaction 4 General Journal Debit Credit Journal entry worksheet < 1 2 3 4 5 Record the payment of retiree benefits. W Note: Enter debits before credits. Transaction 5 General Journal Debit Credit