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Actuary and trustee reports indicate the following changes in the PBO and plan assets of Mahomes Industries during 2024 : Prior service cost at January
Actuary and trustee reports indicate the following changes in the PBO and plan assets of Mahomes Industries during 2024 : Prior service cost at January 1, 2024, from plan amendment at the beginning of 2021 (amortization: $4 million per year) 28 million Net loss-AOCI at January 1,2024 (previous losses exceeded previous gains) 80 million Average remaining service life of the active employee group 10 Actuary's discount rate Required: 1-a. Determine Mahomes's pension expense for 2024. 1-b, 2. to 4. Prepare the appropriate journal entries to record the pension expense, to record any 2024 gains and losses, to record cash contribution to plan assets and to record retiree benefits. Complete this question by entering your answers in the tabs below. Determine Mahomes's pension expense for 2024. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10 )
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