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A partlally completed pension spreadsheet showing the relatlonships among the elements that constitute Carney, Incorporated's defined benefit pension plan follows. Slx years earlier, Carney revised
A partlally completed pension spreadsheet showing the relatlonships among the elements that constitute Carney, Incorporated's defined benefit pension plan follows. Slx years earlier, Carney revised its penslon formula and recalculated benefits earned by employees in prior years using the more generous formula. The prior service cost created by the recalculation is beling amortized at the rate of $7 million per year. At the end of 2024, the pension formula was amended agaln, creating an additional prior service cost of $45 million. The expected rate of return on assets and the actuary's discount rate were 10%, and the average remalning service life of the active employee group is 10 years. Required: 1. Fill In the missing amounts. 2. Prepare the 2024 Journal entry to record pension expense. 3. Prepare the journal entry(s) to record any 2024 galns and losses and new prior service cost in 2024. 4. Prepare the 2024 Journal entrles to record (a) the cash contribution to plan assets and (b) the payment of retiree benefits. Fill in the missing amounts. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Enter credit amounts with a minus sign and debit sign. Complete this question by entering your answers in the tabs below. 2. Prepare the 2024 journal entry to record pension expense. 3. Prepare the journal entry(s) to record any 2024 gains and losses and new prior service cost in 2024. 4. Prepare the 2024 journal entries to record (a) the cash contribution to plan assets and (b) the payment of retiree benefits. 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)
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