Actuary and trustee reports indicate the following changes in the PBO and plan assets of Scholz Nursing Home during 2019: Prior service cost at 1/1/19, from plan amendment at the beginning of 2017 (amortization: $4 million per year) Net loss-pensions at 1/1/19 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate $32 million $40 million 10 years 8% ($ in millions) PBO $ 300 48 Plan Assets $ 200 24 Beginning of 2019 Service cost Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2019 Beginning of 2019 Return on plan assets 7.5% (10% expected) Cash contributions Less: Retiree benefits End of 2019 (2) (20) 350 15 45 (20) 240 $ $ Required: 1. Determine Scholz's pension expense for 2019 and prepare the appropriate journal entries to record the expense as well as the cash contribution to plan assets and payment of benefits to retirees. 2 Determine the new gains and/or losses in 2019 and prepare the appropriate journal entry(s) to record them. 3. Prepare a pension spreadsheet to assist you in determining end of 2019 balances in the PBO, plan assets, prior service cost-AOCI, the net loss-AOCI, and the pension liability, Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Scholz Nursing Home during 2020: ($ in millions) Plan PBO Assets Beginning of 2020 $ 350 Beginning of 2020 $ 240 Service Cost 38 Return on plan assets Interest cost, 8% 28 15% (10% expected) 36 Loss (gain) on PBO 5 Cash contributions 30 Less: Retiree benefits (16) Less: Retiree benefits (16) End of 2020 $ 405 End of 2020 $ 290 4. Determine Scholz's pension expense for 2020 and prepare the appropriate journal entries to record the expense, the cash funding of plan assets, and payment of benefits to retirees. 5. Determine the new gains and/or losses in 2020 and prepare the appropriate journal entry(s) to record them. 6. Prepare a pension spreadsheet to assist you in determining end of 2020 balances in the PBO, plan assets, prior service cost-AOCI, the net loss-AOCI, and the pension liability