Lacy Construction has a noncontributory, defined benefit pension plan. At December 31, 2021, Lacy received the following information: Projected Benefit Obligation ($ in millions) Balance, January 1 $ 1,120 Service cost 90 Prior service cost 42 Interest cost(5.0%) 56 Benefits paid (80 ) Balance, December 31 $ 1,228 Plan Assets ($ in millions) Balance, January 1 $ 530 Actual return on plan assets 56 Contributions 2021 90 Benefits paid (80 ) Balance, December 31 $ 596 The expected long-term rate of return on plan assets was 10%. There were no AOCI balances related to pensions on January 1, 2021. At the end of 2021, Lacy amended the pension formula creating a prior service cost of $42 million. Determine Lacy's pension expense for 2021.

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

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