Question
Harrison Forklift's pension expense includes a service cost of $19 million. Harrison began the year with a pension liability of $46 million (underfunded pension plan).
Harrison Forklift's pension expense includes a service cost of $19 million. Harrison began the year with a pension liability of $46 million (underfunded pension plan). |
1. | Interest cost, $7; expected return on assets, $13; amortization of net loss, $4. |
2. | Interest cost, $15; expected return on assets, $11; amortization of net gain, $4. |
3. | Interest cost, $15; expected return on assets, $11; amortization of net loss, $4; amortization of prior service cost, $5 million. |
Required: |
Prepare the appropriate general journal entries to record Harrison's pension expense in each of the above independent situations regarding the other components of pension expense ($ in millions). (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) |
Prepare the appropriate journal entry to record pension expense in situation 1 above
Prepare the appropriate journal entry to record pension expense in situation 2 above.
Prepare the appropriate journal entry to record pension expense in situation 3 above.
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