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Exercise 21-28 (Static) Pension plan funding [LO21-3] Hutchison-Sun Corporation has a defined benefit pension plan. Hutchison-Sun's policy is to fund the plan annually, cash
Exercise 21-28 (Static) Pension plan funding [LO21-3] Hutchison-Sun Corporation has a defined benefit pension plan. Hutchison-Sun's policy is to fund the plan annually, cash payments being made at the end of each year. Data relating to the pension plan for 2024 are as follows: Service cost Plan assets Net Pension Expense for 2024: Interest cost (6% $850) Actual return on the plan assets (11% $900-199) Adjusted for: 59 gain on the plan assets Amortization of prior service cost Amortization of net loss December 31 (5 in 1111ons) 2024 $ 1,080 $112 51 (90) 8 2 3.82 2823 $ 900 (11% $900)-(10% x $900) Required: Re-create the journal entries used to record Hutchison-Sun's 2024 pension expense, gain on plan assets, and funding of plan assets In order to determine the cash paid to the pension trustee as reported in the statement of cash flows. Note: If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. Enter your answers In millions (l.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet 1 2 3 Record the entry for pension expense in 2024. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Prev View transaction list Journal entry worksheet < 1 2 3 Record the gain or loss on plan assets in 2024. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 3 Record the entry for cash paid to the pension trustee in 2024. Note: Enter debits before credits. Transaction 3 General Journal Debit Credit Record entry Clear entry View general journal
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