The expected long-term rate of return on plan assets was 10%. There were no AOCl balances related to pensions on January 1,202 At the end of 2021 , Lacy amended the pension formula creating a prior service cost of $16 million. Required: 1. Determine Lacy's pension expense for 2021. 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 2021 . Complete this question by entering your answers in the tabs below. Determine Lacy's pension expense for 2021 . The expected long-term rate of return on plan assets was 10%. There were no AOCl balances related to pensions on January 1,2021 . At the end of 2021, Lacy amended the pension formula creating a prior service cost of $16 million. Required: 1. Determine Lacy's pension expense for 2021. 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 2021. Complete this question by entering your answers in the tabs below. 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 2021 . (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).) The expected long-term rate of return on plan assets was 10%. There were no AOCl balances related to pensions on January 1,2021 At the end of 2021 , Lacy amended the pension formula creating a prior service cost of $16million. Required: 1. Determine Lacy's pension expense for 2021. 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 2021. Complete this question by entering your answers in the tabs below. 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 2021. (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).) Journal entry worksheet Note: Enter debits before credits. The expected long-term rate of return on plan assets was 10%. There were no AOCl balances related to pensions on January 1,2021 . At the end of 2021 , Lacy amended the pension formula creating a prior service cost of $16 million. Required: 1. Determine Lacy's pension expense for 2021. 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 2021 . Complete this question by entering your answers in the tabs below. 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 2021 . (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).) Journal entry worksheet Note: Enter debits before credits. The expected long-term rate of return on plan assets was 10%. There were no AOCl balances related to pensions on January 1,2021. At the end of 2021 , Lacy amended the pension formula creating a prior service cost of $16 million. Required: 1. Determine Lacy's pension expense for 2021. 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) bayment of retiree benefits for 2021. Complete this question by entering your answers in the tabs below. 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 2021 . (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).) Journal entry worksheet Note: Enter debits before credits. The expected long-term rate of return on plan assets was 10%. There were no AOCl balances related to pensions on January 1,2021. At the end of 2021 , Lacy amended the pension formula creating a prior service cost of $16 million. Required: 1. Determine Lacy's pension expense for 2021. 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 2021 . Complete this question by entering your answers in the tabs below. 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 2021 . (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).) Journal entry worksheet