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%) Benefits paid Balance, December 31 ($ in millions) $580 82 34 29 (92) $ 633 Plan Assets Balance, January 1 Actual return on plan assets Contributions, 2021 Benefits paid Balance, December 31 ($ in millions) $ 450 50 82 (92) $ 490 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 $34 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 Lacy's 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