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Harrison Forklit's pension expense includes a service cost of $23 milion. Harrison began the year with a pension llability of $43 milion (underfunded pension plan).
Harrison Forklit's pension expense includes a service cost of $23 milion. Harrison began the year with a pension llability of $43 milion (underfunded pension plan). ( $ in milions) 1. Interest cost, $11; expected return on assets, $17; amortization of net loss, $5 2. Interest cost, \$19, expected retum on assets, \$14, amortization of net gain, $5. 3. Interest cost, $19; expected return on assets, $14; amortization of net loss, $5; amortization of prior service cost $6. Required: Prepare the appropriate general joumal entries to record Harrison's pension expense in each of the following independent situations regarding the other (non-service cost) components of pension expense. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in milions (i.e, 10,000,000 should be entered as 10). Journal entry worksheet Prepare the appropriate journal entry to record pension expense in situation 1. Note: Enter debits before credits. Journal entry worksheet Prepare the appropriate journal entry to record pension expense in situation 2. Note: Enter debits before credits. Journal entry worksheet 1 Prepare the appropriate journal entry to record pension expense In situation 3. Note: Enter debits before credits
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