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Lacy Construction has a noncontributory, defined benefit pension plan. At December 31,2024, Lacy received the...

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Accounting

Lacy Construction has a noncontributory, defined benefit pension plan. At December 31,2024, Lacy received the following information:
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 $12 million.
Required:
Determine Lacy's pension expense for 2024.
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.
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