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All required parts please! Problem 17-10 (Algo) Prior service cost; calculate pension expense; journal entries; determine net pension asset or liability [LO17-5, 17-6,17-7] Electronic Distribution
All required parts please!
Problem 17-10 (Algo) Prior service cost; calculate pension expense; journal entries; determine net pension asset or liability [LO17-5, 17-6,17-7] Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2021 are as follows: The expected iong-term rate of return on plan assets was 9%. There were no AOCI bolances related to pensions on January 1,2021 , but at the end of 2021 , the company amended the pension formula, creating a prior service cost of $14 million. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Required: 1. Calculate the pension expense for 2021 . 2. Prepare the journal entries to record (o) pension expense. (b) gains or losses. (c) prior service cost, (d) funding, and (e) payment of benefits for 2021 3. What amount will Electronic Distribution report in its 2021 balance sheet as a net pension asset or net pension liability? Complete this question by entering your answers in the tabs below. Calculate the pension expense for 2021 . (Enter your answer in milions (1.e,10,000,000 should be entered as 10).) Step by Step Solution
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