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3 Required information (The following information applies to the questions displayed below.) Part 2 of 7 Actuary and trustee reports indicate the following changes in
3 Required information (The following information applies to the questions displayed below.) Part 2 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) Plan Assets $200 References Beginning of 2021 Service cost Interest cost, 10% Loss (gain) on PBO Less: Retiree benefits End of 2021 PBO $380 56 38 (2) (42) $430 Beginning of 2021 Return on plan assets, 9.04 (104 expected) Cash contributions Less: Retiree benefits 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 Assets $240 Beginning of 2022 Service cost Interest cost, 10% Loss (gain) on PBO Less: Retiree benefits End of 2022 PBO $430 46 43 4 (24) $499 Beginning of 2022 Return on plan assets, 154 (104 expected) Cash contributions Less: Retiree benefits End of 2022 36 38 (24) $290 2. Determine the new gains and/or losses in 2021 and prepare the appropriate journal entry(s) to record them. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet Record the losses. Note: Enter debits before credits
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