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Lacy construction has a noncontributory defined benefit

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Lacy Construction has a noncontributory, defined benefit pension plan. At December 31, 2011, Lacy received the following information:
The expected long-term rate of return on plan assets was 10%. There were no AOCI balances related to pensions on January 1, 2011. At the end of 2011, Lacy amended the pension formula creating a prior service cost of $12 million, one-third of which is related to employees whose pension benefits have vested.

Required:

1. Determine Lacy's pension expense for 2011.

2. Prepare the journal entry(s) to record Lacy's pension expense, gains or losses, prior service cost, funding, and payment of retiree benefits for 2011. 

Reference no: EM131002838

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