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 $40 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 (as) the cash contribution to plan assets and (b) the payment of retiree benefits Answer is not complete Complete this question by entering your answers in the tabs below. Reg 1 Req 2 to 4 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 () the cash contribution to plan assets and (b) the payment of retiree benefits Of no entry is required for a transaction/event, select "No journal entry required in the first account held Enter your answers in millions (le, 10,000,000 should be entered as 10).) Show less Event General Journal Debit Credit 02 Pension expense Plan assets 68 PBO 157 Amortization of prior service cost-OCI Amortization of net loss-OCI No 1 OOOOO 5 0 1 2 3a 7 LOS OCI Plan assets 7 3 3 Loss-OCI Prior service cost-AOCI PBO 13 40 % 3 533 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 Answer is not complete Complete this question by entering your answers in the tabs below. Reg 1 Reg 2 to 4 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (le, 10,000,000 should be entered as 10).) Show less No Event General Journal Debit Credit 02 Pension expense 95 Plan assets 68 PBO 157 Amortization of prior service cost OCI Amortization of net loss OCI 1 OOOO 5 1 2 3a Loss OCI Plan assets 70 7 3 3b Loss-OCI Prior service cost-AOCI PBO 13 40 X EX 53 X 4 30 Plan assets Cash 84 843 5 4a PBO
