Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can anybody help? I am a little hung up. Thanks Actuary and trustee reports indicate the following changes in the PBO and plan assets of
Can anybody help? I am a little hung up. Thanks
Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2018 service cost at Jan. 1, 2018, from plan amendment at the beginning of 2016 (amortization: $7 million per year) Net loss-pensions at Jan. 1, 2018 (previous losses exceeded previou gains) Average remaining service life of the active employee group Actuary's discount rate $49 million $67 million 10 years 10% ($ in millions) Plan 350 28 PBO Assets $ 470 Beginning of 2018 Beginning of 2018 Service cost Interest cost, 10% Loss (gain) on PBO Less: Retiree benefits (56) Less: Retiree benefits (56) 62 Return on plan assets, 47 8.0%(10% expected) (3) Cash contributions 78 End of 2018 $ 520 End of 2018 $ 420 Required: 1-a. Determine Lakeside's pension expense for 2018. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) 1-a. Pension expense 2018 million 1-b. Prepare the appropriate journal entries to record the expense as well as the cash contribution t entry is required for a transaction/event, select"No journal entry required" in the first account field. Enter your answers in millions Co. o plan assets and payment of benefits to retirees? (If no 10,000,000 should be entered as 10).) Journal entry worksheet Note: Enter debits before credits Record the pension expense. Transactiorn General Journal Debit Credit Record funding to plan assets. General Journal Debit Credit Transaction 2 Record the payment of benefit to retirees. General Journal Debit Credit Transaction 3Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started