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A partially completed pensionspreadsheet showing the relationships among the elements that constitute Carney, Incs. ' s defined benefit pension plan follows. Six years earlier, Carney
A partially completed pensionspreadsheet showing the relationships among the elements that constitute Carney, Incs.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 amortizaed at the rate of $ million per year. At the end of the pension formula was amended again, creating an additional prior service cost of $ million. The expected rate of return on asset and the actuary's discount rate were and the average remaining service life of the active employee group is years.
Balance Jan
Fill in the missing amounts.
Prepare the journal entry to record pension expense
Prepare the journal entrys to record any gains and losses and new prior service cost in
Prepare the journal entries to record a the cash contribution to plan assers and b the oayment of retiree benefits.
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