A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Inc., defined benefit pension plan follows. Six years earlier, Carney revised its pension formula and recalculated benefits earned by employees in prior years using the more generous formula. The prior service cost created by the recalculation is being amortized at the rate of $7 million per year. At the end of 2018, the pension formula was amended again, creating an additional prior service cost of $70 million. The expected rate of return on assets and the actuary's discount rate were 10%, and the average remaining service life of the active employee group is 10 years. Required: 1. Fill in the missing amounts. 2. to 4. Prepare all the necessary journal entries for 2018. Complete this question by entering your answers in the tabs below. Req 1 Req 2 to 4 Fill in the missing amounts. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Enter credit amounts with and debit amounts with a positive sign.) ( )s indicate credits; debits otherwise ($ in millions) PBO Plan Assets Prior Service Cost-AOCI 50 Net Loss- AOCI Pension Expense Cash Net Pension (Liability)/ Asset (120) (880) 760 98 Balance, Jan. 1, 2018 Service cost 80 Fill in the missing amounts. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Enter credit amounts with and debit amounts with a positive sign.) ( )s indicate credits; debits otherwise ($ in millions) PBO Plan Assets Prior Service Cost-AOCI Net Loss- AOCI Pension Expense Cash Net Pension (Liability) Asset (120) Balance, Jan. 1, 2018 (880) 760 50 98 Service cost 80 Interest cost Expected return on assets Adjust for: Loss on assets (8) Amortization of: Prior service cost Net loss Loss on PBO (18) 83 Prior service cost Cash funding Retiree benefits Bal., Dec. 31, 2018 (880) 760 50 98 80 (55) Req1 Req 2 to 4 > Journal entry worksheet Record any 2018 gains and losses. Note: Enter debits before credits. Event General Journal Debit Credit 2 Record entry Clear entry View general journal Journal entry worksheet Record new prior service cost in 2018. Note: Enter debits before credits. Event General Journal Debit Credit 3 No journal entry required Amortization of net gain-OCI Amortization of net loss-OCI Record er Amortization of prior service cost-OCI View general journal Journal entry worksheet Record the cash contribution to plan assets. Note: Enter debits before credits. Event General Journal Debit Credit 4 No journal entry required Amortization of net gain-OCI Amortization of net loss-OCI Record er Amortization of prior service cost-OCI View general journal Journal entry worksheet Record payment of retiree benefits. Note: Enter debits before credits. Event General Journal Debit Credit 5 No journal entry required Amortization of net gain-OCI Amortization of net loss-OCI Record er Amortization of prior service cost-OCI View general journal A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Inc., defined benefit pension plan follows. Six years earlier, Carney revised its pension formula and recalculated benefits earned by employees in prior years using the more generous formula. The prior service cost created by the recalculation is being amortized at the rate of $7 million per year. At the end of 2018, the pension formula was amended again, creating an additional prior service cost of $70 million. The expected rate of return on assets and the actuary's discount rate were 10%, and the average remaining service life of the active employee group is 10 years. Required: 1. Fill in the missing amounts. 2. to 4. Prepare all the necessary journal entries for 2018. Complete this question by entering your answers in the tabs below. Req 1 Req 2 to 4 Fill in the missing amounts. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Enter credit amounts with and debit amounts with a positive sign.) ( )s indicate credits; debits otherwise ($ in millions) PBO Plan Assets Prior Service Cost-AOCI 50 Net Loss- AOCI Pension Expense Cash Net Pension (Liability)/ Asset (120) (880) 760 98 Balance, Jan. 1, 2018 Service cost 80 Fill in the missing amounts. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Enter credit amounts with and debit amounts with a positive sign.) ( )s indicate credits; debits otherwise ($ in millions) PBO Plan Assets Prior Service Cost-AOCI Net Loss- AOCI Pension Expense Cash Net Pension (Liability) Asset (120) Balance, Jan. 1, 2018 (880) 760 50 98 Service cost 80 Interest cost Expected return on assets Adjust for: Loss on assets (8) Amortization of: Prior service cost Net loss Loss on PBO (18) 83 Prior service cost Cash funding Retiree benefits Bal., Dec. 31, 2018 (880) 760 50 98 80 (55) Req1 Req 2 to 4 > Journal entry worksheet Record any 2018 gains and losses. Note: Enter debits before credits. Event General Journal Debit Credit 2 Record entry Clear entry View general journal Journal entry worksheet Record new prior service cost in 2018. Note: Enter debits before credits. Event General Journal Debit Credit 3 No journal entry required Amortization of net gain-OCI Amortization of net loss-OCI Record er Amortization of prior service cost-OCI View general journal Journal entry worksheet Record the cash contribution to plan assets. Note: Enter debits before credits. Event General Journal Debit Credit 4 No journal entry required Amortization of net gain-OCI Amortization of net loss-OCI Record er Amortization of prior service cost-OCI View general journal Journal entry worksheet Record payment of retiree benefits. Note: Enter debits before credits. Event General Journal Debit Credit 5 No journal entry required Amortization of net gain-OCI Amortization of net loss-OCI Record er Amortization of prior service cost-OCI View general journal