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:

to $3.$ Prepare the journal entries required for the pension during the current year.

Determine the balances at December $31$ of the current year in the net gain$-$AOCl, and prior service cost$-$AOCl.

$[$Hint: You might find T$-$accounts useful.$]$

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.

Req $1$ to

$3$

Prepare the journal 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 millions. $($i$.$e$.,10,000,000$ should be entered as $10).$

Show less $A$

Journal entry worksheet

$\backslash$table$[[1,2,3,4,5]]$

Record the pension expense.

Note: Enter debits before credits.