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2 Required information (The following information applies to the questions displayed below.) Part 1 of 7 Actuary and trustee reports indicate the following changes in
2 Required information (The following information applies to the questions displayed below.) Part 1 of 7 Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2021: 1.87 points Prior service cost at Jan. 1, 2021, from plan amendment at the beginning of 2019 (amortization: $6 million per year) Net loss-pensions at Jan.1, 2021 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate $40 million $58 million 10 years 10% eBook ($ in millions) References Plan Assets $200 Beginning of 2021 Service cost Interest cost, 18% Loss (gain) on PBO Less: Retiree benefits End of 2021 PBO $380 Beginning of 2021 56 Return on plan assets, 38 9.04 (10% expected) (2) Cash contributions (42) Less: Retiree benefits $430 End of 2021 18 64 (42) $240 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2022: ($ ($ in millions) Plan PBO Assets Beginning of 2022 $430 Beginning of 2022 $240 Service cost 46 Return on plan assets, Interest cost, 104 43 15% (10% expected) 36 Loss (gain) on PBO 4 Cash contributions 38 Less: Retiree benefits (24) Less: Retiree benefits (24) End of 2022 $499 End of 2022 $290 Required: 1-a. Determine Lakeside's pension expense for 2021. 1-b. Prepare the appropriate journal entries to record the expense as well as the cash contribution to plan assets and payment of benefits to retirees. Complete this question by entering your answers in the tabs below. Reg 1A Reg 1B Determine Lakeside's pension expense for 2021. (Enter your answers in millions (I.e., 10,000,000 should be entered as 10).) Pension expense 2021 million Re 1 Req 18 >
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