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

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

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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 $600 Service cost 64 Prior service cost 16 Interest cost(6.0%) 36 Benefits paid (47) Balance, December 31 $669 Plan Assets ($ in millions) Balance, January 1 $270 Actual return on plan assets 29 Contributions 2021 64 Benefits paid (47) Balance, December 31 $316 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 $16 million. Required: 1. Determine Lacy's pension expense for 2021. 2. Prepare thejournal entry(s) to record Lacy's (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of retiree benets for 2021

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