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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, 2013, Lacy received the following information:

Projected Benefit Obligation ($ in millions)
Balance, January 1 $ 520
Service cost
76
Interest cost (5%)
26
Benefits paid
(77 )




Balance, December 31 $ 545





Plan Assets ($ in millions)
Balance, January 1 $ 390
Actual return on plan assets
43
Contributions 2013
76
Benefits paid
(77 )




Balance, December 31 $ 432





The expected long-term rate of return on plan assets was 10%. There were no AOCI balances related to pensions on January 1, 2013. At the end of 2013, Lacy amended the pension formula creating a prior service cost of $28 million.
Required:
1.

Determine Lacy's pension expense for 2013. (Enter your answer in millions.)

Reference no: EM13589039

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