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Hutchison-Sun Corporation has a defined benefit pension plan. Hutchison-Sun's policy is to fund the plan annually, cash payments being made at the end of
Hutchison-Sun Corporation has a defined benefit pension plan. Hutchison-Sun's policy is to fund the plan annually, cash payments being made at the end of each year. Data relating to the pension plan for 2024 are as follows: Plan assets Net Pension Expense for 2024: Service cost Interest cost (6% x $1,050) December 31, ($ in millions) 2024 $ 1,290 $ 124 63 2023 $ 1,100 Actual return on the plan assets (12% x $1,100 Adjusted for: $11 gain on the plan assets* Amortization of prior service cost Amortization of net loss = $132) (121) 6 1 $ 73 *(12% x $1,100) - (11% x $1,100) Required: Re-create the journal entries used to record Hutchison-Sun's 2024 pension expense, gain on plan assets, and funding of plan assets in order to determine the cash paid to the pension trustee as reported in the statement of cash flows. Note: 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 Journal entry worksheet 1 2 3 Record the entry for pension expense in 2024. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet < 1 2 3 Record the gain or loss on plan assets in 2024. Note: Enter debits before credits. Transaction 2 General Journal Debit Credit Journal entry worksheet 1 2 3 Record the entry for cash paid to the pension trustee in 2024. Note: Enter debits before credits. Transaction 3 General Journal Debit Credit Record entry Clear entry View general journal
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