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how do I solve these 3 questions ctuary and trustee reports indicate the following changes in the PBO and plan assets of Reeves Uniforms Juning
how do I solve these 3 questions
ctuary and trustee reports indicate the following changes in the PBO and plan assets of Reeves Uniforms Juning 2021: prior service cost at Jan. 1. 2021, from plan amendment at the beginning of 2019 (amortization: $8 million per year) Net loss pensions at Jan. 1, 2021 (previous losses exceeded previous S64 million gains) Average remaining service life of the active employee group Actuary's discount rate S80 million 10 years (S in millions) Beginning of 2021 PBO $600 PLAN ASSETS Beginning of 2021 S400 Return on plan assets. 7.5% (10% expected) 30 Service cost Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2021 96 48 (4) Cash contributions 00 (40) S700 Less: Retiree benefits End of 2021 (40) S480 Required: 1. Determine Reeves' pension expense for 2021 and prepare the appropriate journal entries to record the expense as well as the cash contribution to plan assets. 2. Determine the new gains and/or losses in 2021 and prepare the appropriate journal entry to record them. 3. Prepare a pension spreadsheet to assist you in determining end of 2021 balances in the PBO, plan assets, prior service cost, the net loss AOCI, and the pension liability-AOCI
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