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Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2018, Abbott and Abbott received the following information: Projected Benefit obliqation ($
Abbott and Abbott has a noncontributory, defined benefit pension plan. At December 31, 2018, Abbott and Abbott received the following information: Projected Benefit obliqation ($ in millions) $125 Balance, January 1 Service cost 37 15 Interest cost Benefits paid (11) $166 Balance, December 31 Plan Assets Balance, January 1 Actual return on plan assets $100 14 Contributions 2018 37 Benefits paid (11) $140 Balance, December 31 negligible net loss-AOCI on The expected long-term rate of return on plan assets was 12%. There was no prior service cost and a January 1, 2018. Determine Abbott and Abbott's pension expense for 2018. Pension expense million Prepare the journal entries to record Abbott and Abbott's pension expense, funding, and payment for 2018. (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).) View transaction list View journalentry worksheet General Journal No Event Debit Credit Pension expense 1 Plan assets PBO Plan assets 2 2 Cash PBO 3 3 Plan assets Pension data for Barry Financial Services Inc. include the following: (S in 000s) Discount rate, 7% Expected return on plan assets, 138 Actual return on plan assets, 12 Service cost, 2018 $ 430 January 1, 2018: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-AOCI (2018 amortization, $25) Net qain-AOCI (2018 amortization, $10) There were no changes in actuarial assumptions. December 31, 2018: Cash contributions to pension fund, December 31, 2018 Benefit payments to retirees, December 31, 2018 2,900 2,600 3,000 385 450 365 390 Determine pension expense for 2018. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands rounded to 1 decimal place (i.e., 5,500 should be entered as 5.5).) Pension Expense Service cost Interest cost Expected return on assets Amortization of prior service cost Amortization of net gain Pension expense $ 0.0 Prepare the journal entries to record pension expense, gains and losses (if any), funding, and retiree benefits for 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands rounded to 1 decimal place (i.e., 5,500 should be entered as 5.5).) View journal entry works heet View transaction list General Journal No Event Debit Credit 1 Pension expense 1 Plan assets Amortization of net gain-OCI Amortization of prior service cost-OCI PBO Loss-OCI 2 Plan assets Plan assets Cash PBO 4 Plan assets
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