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hello there, please hlep me with this and show me how to work so next time I can do it myself. Office Depot, Inc. ,

hello there, please hlep me with this and show me how to work so next time I can do it myself.

Office Depot, Inc., is a leading global provider of products, services, and solutions for workplaces. The following is an excerpt from a disclosure note in the companys annual report for the fiscal year ended December 31, 2017:

NOTE 13. EMPLOYEE BENEFIT PLANS (in part)

Pension Benefits

($ in millions)

2017

2016

Changes in projected benefit obligation:

Obligation at beginning of period

$1,000

$1,094

Service cost

6

7

Interest cost

39

45

Actuarial (gain) loss

25

(8)

Benefits paid

(91)

(138)

Obligation at end of period

$979

$1,000

Change in plan assets:

Fair value of plan assets at beginning of period

$870

$922

Actual return (loss) on plan assets*

114

84

Employer contribution

15

2

Benefits paid

(91)

(138)

Fair value of plan assets at end of period

908

Net liability recognized at end of period

$(71)

$(130)

*Expected return $48 and $55 in 2017 and 2016, respectively

Table Summary: Summary

Required:

  1. What amount did Office Depot report in its balance sheet related to the pension plan at December 31, 2017?
  2. When calculating pension expense at December 31, what amount, if any, did Office Depot include in its income statement as the amortization of unrecognized net actuarial loss (net lossAOCI)? This AOCI account had a balance of $38 million at the beginning of the year and was the only AOCI account related to pensions. The average remaining service life of employees was 10 was years.
  3. What was the pension expense?
  4. What were the appropriate journal entries to record Office Depots pension expense and to record gains and/or losses related to the pension plan?

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