1. Park Construction has a noncontributory, defined benefit pension plan. At December 31, year 1, Park received the following information:

Defined Benefit Obligation	($ in millions)
Balance, January 1	$375
Service cost	62
Prior service cost	$12
Interest cost (8%)	30
Benefits paid	(40)
Balance, December 31	439
Plan Assets
Balance, January 1	$250
Actual return on plan assets	30
Contribution, year	60
Benefits paid	(40)
Balance, December 31	300

The expected long-term rate of return on plan assets was 10%. There were no AOCI balances related to pensions on January 1, year 1. At the end of year 1, Park amended the pension formula creating a prior service cost of $12 million. Assume Park Construction prepares its financial statements according to International Financial Reporting Standards (IFRS). Assume the actuarys discount rate is 8%, which is the rate on high-quality corporate bonds.

Required:

1. Determine Park's pension expense for year 1.
2. Prepare all journal entry(s) for year 1.