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Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2021 are as follows: ($ millions) $480 300 75 45 PBO balance, January 1 Plan assets balance, January 1 Service cost Interest cost Gain from change in actuarial assumption Benefits paid Actual return on plan assets Contributions 2021 22 (36) 20 60 The expected long-term rate of return on plan assets was 8%. There were no AOCI balances related to pensions on January 1, 2021, but at the end of 2021, the company amended the pension formula, creating a prior service cost of $12 million. Assume Electronic Distribution prepares its financial statements according to International Financial Reporting Standards (IFRS). Also assume that 10% is the current interest rate on high-quality corporate bonds. Required: 1. Calculate the net pension cost for 2021, separating its components into appropriate categories for reporting. 2. Prepare the journal entries to record (a) the components of net pension cost, (b)gains or losses, (c) past service cost, (d) funding, and (e) payment of benefits for 2021. 3. What amount will Electronic Distribution report in its 2021 balance sheet as a net pension asset or net pension liability? X Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required Required 1 2 3 Calculate the net pension cost for 2021, separating its components into appropriate categories for reporting. (Enter credit amounts with a minus sign and debit amounts with a positive sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) ($ in millions) Reported in income statement: Service cost-202 Past service cost $ 75 12 $ 87 Service cost Net interest cost Reported as OCI: Remeasurement gain from assumption changeOCI Remeasurement loss on plan assets- OCI > 0 87 Net pension cost $ Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2021 are as follows: ($ millions) $480 300 75 45 PBO balance, January 1 Plan assets balance, January 1 Service cost Interest cost Gain from change in actuarial assumption Benefits paid Actual return on plan assets Contributions 2021 22 (36) 20 60 The expected long-term rate of return on plan assets was 8%. There were no AOCI balances related to pensions on January 1, 2021, but at the end of 2021, the company amended the pension formula, creating a prior service cost of $12 million. Assume Electronic Distribution prepares its financial statements according to International Financial Reporting Standards (IFRS). Also assume that 10% is the current interest rate on high-quality corporate bonds. Required: 1. Calculate the net pension cost for 2021, separating its components into appropriate categories for reporting. 2. Prepare the journal entries to record (a) the components of net pension cost, (b)gains or losses, (c) past service cost, (d) funding, and (e) payment of benefits for 2021. 3. What amount will Electronic Distribution report in its 2021 balance sheet as a net pension asset or net pension liability? X Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required Required 1 2 3 Prepare the journal entries to record (a) the components of net pension cost, (b)gains or losses, (c) past service cost, (d) funding, and (e) payment of benefits for 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Show less No Transaction General Journal Debit Credit A Service cost 75X DBO (Service cost-2021) 75 Plan assets B B Net interest cost Plan assets 45 45 x Remeasurement loss-OCI Plan assets xx xx ssss xos D D Remeasurement gain Plan assets F F Plan assets DBO Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2021 are as follows: PBO balance, January 1 Plan assets balance, January 1 Service cost Interest cost Gain from change in actuarial assumption Benefits paid Actual return on plan assets Contributions 2021 ($ millions) $ 480 300 75 45 22 (36) 20 60 The expected long-term rate of return on plan assets was 8%. There were no AOCl balances related to pensions on January 1, 2021, but at the end of 2021, the company amended the pension formula, creating a prior service cost of $12 million. Assume Electronic Distribution prepares its financial statements according to International Financial Reporting Standards (IFRS). Also assume that 10% is the current interest rate on high-quality corporate bonds. Required: 1. Calculate the net pension cost for 2021, separating its components into appropriate categories for reporting. 2. Prepare the journal entries to record (a) the components of net pension cost, (b)gains or losses, (c) past service cost, (d) funding, and (e) payment of benefits for 2021. 3. What amount will Electronic Distribution report in its 2021 balance sheet as a net pension asset or net pension liability? X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What amount will Electronic Distribution report in its 2021 balance sheet as a net pension asset or net pension liability? (Enter your answer in millions (i.e., 10,000,000 should be entered as 10).) Net pension liability >$ 210 X million 0 87 Net pension cost $ Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2021 are as follows: ($ millions) $480 300 75 45 PBO balance, January 1 Plan assets balance, January 1 Service cost Interest cost Gain from change in actuarial assumption Benefits paid Actual return on plan assets Contributions 2021 22 (36) 20 60 The expected long-term rate of return on plan assets was 8%. There were no AOCI balances related to pensions on January 1, 2021, but at the end of 2021, the company amended the pension formula, creating a prior service cost of $12 million. Assume Electronic Distribution prepares its financial statements according to International Financial Reporting Standards (IFRS). Also assume that 10% is the current interest rate on high-quality corporate bonds. Required: 1. Calculate the net pension cost for 2021, separating its components into appropriate categories for reporting. 2. Prepare the journal entries to record (a) the components of net pension cost, (b)gains or losses, (c) past service cost, (d) funding, and (e) payment of benefits for 2021. 3. What amount will Electronic Distribution report in its 2021 balance sheet as a net pension asset or net pension liability? X Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required Required 1 2 3 Prepare the journal entries to record (a) the components of net pension cost, (b)gains or losses, (c) past service cost, (d) funding, and (e) payment of benefits for 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Show less No Transaction General Journal Debit Credit A Service cost 75X DBO (Service cost-2021) 75 Plan assets B B Net interest cost Plan assets 45 45 x Remeasurement loss-OCI Plan assets xx xx ssss xos D D Remeasurement gain Plan assets F F Plan assets DBO Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2021 are as follows: PBO balance, January 1 Plan assets balance, January 1 Service cost Interest cost Gain from change in actuarial assumption Benefits paid Actual return on plan assets Contributions 2021 ($ millions) $ 480 300 75 45 22 (36) 20 60 The expected long-term rate of return on plan assets was 8%. There were no AOCl balances related to pensions on January 1, 2021, but at the end of 2021, the company amended the pension formula, creating a prior service cost of $12 million. Assume Electronic Distribution prepares its financial statements according to International Financial Reporting Standards (IFRS). Also assume that 10% is the current interest rate on high-quality corporate bonds. Required: 1. Calculate the net pension cost for 2021, separating its components into appropriate categories for reporting. 2. Prepare the journal entries to record (a) the components of net pension cost, (b)gains or losses, (c) past service cost, (d) funding, and (e) payment of benefits for 2021. 3. What amount will Electronic Distribution report in its 2021 balance sheet as a net pension asset or net pension liability? X Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What amount will Electronic Distribution report in its 2021 balance sheet as a net pension asset or net pension liability? (Enter your answer in millions (i.e., 10,000,000 should be entered as 10).) Net pension liability >$ 210 X million