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Lacy Construction has a noncontributory, defined benefit pension plan. At December 31, 2018, Lacy received the following information: Projected Benefit Obligation ($ in millions) Balance,

Lacy Construction has a noncontributory, defined benefit pension plan. At December 31, 2018, Lacy received the following information:

Projected Benefit Obligation ($ in millions)
Balance, January 1 700
Service cost 94
Prior service cost 46
Interest cost(5.0%) 35
Benefits paid (88)
Balance, December 31 787

Plan Assets ($ in millions)
Balance, January 1 570
Actual return on plan assets 58
Contributions 2018 94
Benefits paid (88)
Balance, December 31 634

Required: 1. Determine Lacy's pension expense for 2018. 2. Prepare the journal entry(s) to record Lacys pension expense, gains or losses, prior service cost, funding, and payment of retiree benefits for 2018.

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