Prior service cost at January $1,2024,$ from plan amendment at the beginning of $2022$

$($amortization: $$5$ million per year$)$

Net loss$-$pensions at January $1,2024($previous losses exceeded previous gains$)$

$$43$ million

Average remaining service life of the active employee group

$$50$ million

Actuary's discount rate

$10$ years

Actuary's discount rate

$7\%$

$($$ in millions$)$

Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during

$2025$:

$($$ in millions$)$

Required:

$1-$a$.$ Determine Lakeside's pension expense for $2024.$

$1-$b$.$ Prepare the appropriate journal entries to record the expense as well as the cash contribution to plan assets and payment of

benefits to retirees.