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Harrison Forklift's pension expense includes a service cost of $30 million. Harrison began the year with a pension liability of $50 million (underfunded pension plan)
Harrison Forklift's pension expense includes a service cost of $30 million. Harrison began the year with a pension liability of $50 million (underfunded pension plan) 1. Interest cost, $11; expected return on assets, $24; amortization of net loss, $7 2. Interest cost, $26; expected return on assets, $19; amortization of net gain, $7 3. Interest cost, $26; expected return on assets, $19; amortization of net loss, $7; amortization of prior service cost, $8 million Required: Prepare the appropriate general journal entries to record Harrison's pension expense in each of the following independent situations regarding the other components of pension expense ($ in millions): (If no entry is required for a transaction/event, 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).) View transaction list View journal entry worksheet .. No Transaction General Journal Debit Credit Pension expense Plan assets PBO Amortization of net loss-OCI Pension expense 2 2 Plan assets Amortization of net gain-OCI PBO Pension expense 3 Plan assets PBO Amortization of net loss-OCI Amortization of prior service cost-OCI The following data relate to Voltaire Company's defined benefit pension plan: ($ in millions) Plan assets at fair value, January 1 Expected return on plan assets Actual return on plan assets Contributions to the pension fund (end of year) $760 76 61 132 Amortization of net loss 15 Pension benefits paid (end of year) Pension expense 21 104 Required: Determine the amount of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.) Pension Plan Assets Beginning of the year Actual return on assets Cash contributions Retiree benefits End of the year $ 0 Pension data for Sterling Properties include the following: ($ in 000s) Service cost, 2018 Projected benefit obliqation, January 1, 2018 Plan assets (fair value), January 1, 2018 Prior service cost-AOCI (2018 amortization, $7) Net loss-AOCI (2018 amortization, $2) $134 700 800 95 116 Interest rate, 68 Expected return on plan assets, 10% Actual return on plan assets, 11 Required: Determine pension expense for 2018. (Enter your answers in thousands. Amounts to be deducted should be indicated with a minus sign.) Pension Expense Service cost Interest cost Expected return on assets Amortization of prior service cost Amortization of net loss Pension expense
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