A company has a noncontributory, defined benefit pension plan. On December 31 of the current year (the end of the company's fiscal year), the following pension-related data were available: Required: 1. to 3. Prepare the journal entries required for the pension during the current year. 4. Determine the balances at December 31 of the current year in the net gain-AOCl, and prior service cost-AOCI. [Hint: You might find T-accounts useful.] 5. What amount will the company report in its current year balance sheet as a net pension asset or net pension liability for the funded status of the plan? Complete this question by entering your answers in the tabs below. Prepare the joumal entries required for the pension during the current year. Note: If no entry is required for a transaction/event, select "No fournal entry required" in the first account field. Enter your answers in millions. (i.e., 10,000,000 should be entered as 10). Journal entry worksheet 1. to 3. Prepare the journal entries required for the pension during the current year. 4. Determine the balances at December 31 of the current year in the net gain-AOCI, and prior service cost-AOCL. [Hint: You might find T-accounts useful.] 5. What amount will the company report in its current year balance sheet as a net pension asset or net pension liability for the funded status of the plan? Complete this question by entering your answers in the tabs below. Prepare the joumal entries required for the pension during the current year. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in mitions. (i.e., 10,000,000 should be entered as 10). Journal entry worksheet 23445 Record the pension expense. Wokei fritar detuts bedare crecits. Required: 1. to 3. Prepare the joumal entries required for the pension during the current year. 4. Determine the balances at December 31 of the current year in the net gain-AOCl, and prior service cost-AOCL. [Hint: You migl) find T-accounts useful.] 5. What amount will the company report in its current year balance sheet as a net pension asset or net pension liability for the fun status of the plan? Complete this question by entering your answers in the tabs below. Determine the balances at December 31 of the current year in the net gain-AOCI, and prior service cost-AOCI, [Hint: You might find T-accounts useful.] Note: Enter your answers in millions. (i,e, 10,000,000 should be entered as 10). Required: 1. to 3. Prepare the journal entries required for the pension during the current year. 4. Determine the balances at December 31 of the current year in the net gain-AOCI, and prior service cost-AOCI, [Hint: YOu might find T-accounts useful.] 5. What amount will the company report in its current year balance sheet as a net pension asset or net pension liability for the fundec status of the plan? Complete this question by entering your answers in the tabs below. What amount will the company report in its current year balance sheet as a net pension asset or net pension liability for the funded status of the plan? Note: Enter your answers in millions. (i.e., 10,000,000 should be entered as 10)
