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Lacy Construction has a noncontributory, defined benefit pension plan. At December 31,2024 , Lacy received the following information: Determine Lacy's pension expense for 2024. Note:
Lacy Construction has a noncontributory, defined benefit pension plan. At December 31,2024 , Lacy received the following information: 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 shou be entered as 10). The expected long-term rate of return on plan assets was 10%. There were no AOCl balances related to pensions on January 1,2024 . At the end of 2024. Lacy amended the pension formula creating a prior service cost of $22 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 x Answer is not complete. Complete this question by entering your answers in the tabs below. Prepare the joumal 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)
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