Accounting Pension JE Practice

Company has the following Year $3$ measures for their pension plan. Note: all dollar amounts are millions.

Unamortized PSC at $12/31/$Y$2$ awarded in Year $1$: $28$ million

Net Actuarial $($Gain$)/$Loss$-$AOCI at $12/13/$Y$2$: $80$ million

Average remaining service life at $12/31/$Y$2$: $10$ years

Expected return on plan assets: $10\%$

Actuary's discount rate: $7\%$

PSC annual amortization: $4$ million

PBO$($$ million$)$:

Beginning of Year $3$: $600$

Service cost: $85$

Interest cost $(7\%)$: $42$

$($Gains$)/$Losses on PBO: $(14)$

: $(38)$

Ending of Year $3$: $675$

Plan Assets$($$ million$)$:

beginning of Year $3$: $400$

Actual Return $(8\%)$: $32$

Cash contributions: $90$

: $(38)$

Ending of Year $3$: $484$

$1.$ Make the Journal Entry to record Year $3$ Pension Expense.

$2.$ Make the Journal Entry to record Year $3$ Gains and Losses.

$3.$ Make the Journal Entry to record Cash Contributions.

$4.$ Make the Journal Entry to record Retiree Benefits.