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A partially completed pension spreadsheet showing the relationships among the elements that constitute Corney, Inc.'s defined benefit pension plan follows. Six years earlier, Comey revised
A partially completed pension spreadsheet showing the relationships among the elements that constitute Corney, Inc.'s defined benefit pension plan follows. Six years earlier, Comey revised its pension formula ond 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 $5 million per year. At the end of 2021, the pension formulo wos amended again creating an additional prior service cost of $50 million. The expected rate of return on ossets 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. Prepare the 2021 journal entry to record pension expense. 3. Prepare the journal entry(s) to record any 2021 gains and losses and new prior service cost in 2021 4. Prepare the 2021 journal entries to record (a) the cash contribution to plan assets and (b) the payment of retiree benefits Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 to 4 Fill in the missing amounts. (Enter your answers in millions (t.e. 10,000,000 should be entered as 10). Enter credit amounts with miinus sign and debit amounts with a positive sign.) | 18 Indicate credite, debits otherwise is in millione) PBO Plan Assets Prior Service Cost-AOCI 30 Net Log- AOCI Pension Expense Cash Net Penalon (Llability Agaet Balance, Jan. 1. 2021 1910) 820 101 (90) Service cost 86 Interest cost Expected ruum on assets Adjust for Lors on ussels Amortization of Prior service cast (5) Nellos Loss On PBO (21) Prior service cost Cash funding Retiree benefits Biel Dec 31, 2021 86 (910) 775 30 101 86 (25) Reg 2 to 4 > A partially completed pension spreadsheet showing the relationships among the elements that constitute Corney, Inc.'s defined benefit pension plan follows. Six years earlier, Corey 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 $5 million per year. At the end of 2021, the pension formula was amended again, creating an additional prior service cost of $50 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. Prepare the 2021 journal entry to record pension expense. 3. Prepare the journal entry(s) to record any 2021 gains and losses and new prior service cost in 2021. 4. Prepare the 2021 journal entries to record (a) the cash contribution to plan assets and (b) the payment of retiree benefits. Complete this question by entering your answers in the tabs below. Red 1 Ree 2 to 4 2. Prepare the 2021 joumal entry to record pension expense. 3. Prepare the journal entry(s) to record any 2021 gains and losses and new prior service cost in 2021. 4. Prepare the 2021 joumal entries to record (a) the cash contribution to plan assets and (b) the payment of retiree benefits. (If no entry is required for a transactionevent, select "Ne journal entry required in the first account field. Enter your answers in millions Te, 10.000.000 should be entered as 10.) Show less View tranesc ton Het Journal entry worksheet 1 2 3 4 5 6 > Record pension expense. Nota: Enter debits betare credits Event General Joumal Dabi Credit Recordantry Clear entry New general Journal Req1 A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Inc.'s 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 $5 million per year. At the end of 2021, the pension formula was amended again, creating an additional prior service cost of $50 million. The expected rate of return on ossets 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. Prepare the 2021 journal entry to record pension expense 3. Prepare the journal entry's) to record any 2021 gains and losses and new prior service cost in 2021. 4. Prepare the 2021 journal entries to record (a) the cash contribution to plan assets and (b) the payment of retiree benefits. Complete this question by entering your answers in the tabs below. Regi Req 2 to 4 2. Prepare the 2021 joumal entry to record pension expense. 3. Prepare the foumal entry(s) to record any 2021 gains and losses and new prior service cost in 2021. 4. Prepare the 2021 joumal entries to record (a) the cash contribution to plan assets and (b) the payment of retiree benefits (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 View transaction llet X 2 Record pension expense. > 2 Record any 2021 gain or loss for the difference in the actual retum versus the expected return. 3 Record any 2021 gain or loss for the change in the assumption regarding the PBO. 4 Record new prior service cost in 2021. Credit S Record the cash contribution to plan assets. Record payment of retiree benefits. Note = Joumal entry has been entered Record entry Clear entry Mew general Journal
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