i need help with the one that is wrong i cant seem to figure it out
The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2018 and 2019 are presented below ($ in millions): Information Provided by Pension Plan Actuary: a. Projected benefit obligation as of December 31, 2017 = $1,550. b. Prior service cost from plan amendment on January 2, 2018 = $450 (straight-line amortization for 10-year average remaining service period). c. Service cost for 2018 = $530. d. Service cost for 2019 = $580. e. Discount rate used by actuary on projected benefit obligation for 2018 and 2019 = 10%. f. Payments to retirees in 2018 = $390. g. Payments to retirees in 2019 = $460. h. No changes in actuarial assumptions or estimates. i. Net gain-AOCI on January 1, 2018 = $235. j. Net gains and losses are amortized for 10 years in 2018 and 2019. Information Provided by Pension Fund Trustee: a. Plan asset balance at fair value on January 1, 2018 = $1,200. b. 2018 contributions = $550. c. 2019 contributions = $600. d. Expected long-term rate of return on plan assets = 12%. e. 2018 actual return on plan assets = $100. f. 2019 actual return on plan assets = $150. Required: 1. Calculate pension expense for 2018 and 2019. 2. Prepare the journal entries for 2018 and 2019 to record pension expense. 3. Prepare the journal entries for 2018 and 2019 to record any gains and losses and new prior service cost. 4 Prenare the iournal entries for 2018 and 2019 to record the cash contribution to plan assets and benefit payments to retirees gains and losions and new palos service contrarements for rettes d. Expected long-term rate of return on plan assets = 12%. e. 2018 actual return on plan assets = $100. f. 2019 actual return on plan assets = $150. Required: 1. Calculate pension expense for 2018 and 2019. 2. Prepare the journal entries for 2018 and 2019 to record pension expense. 3. Prepare the journal entries for 2018 and 2019 to record any gains and losses and new prior service cost. 4. Prepare the journal entries for 2018 and 2019 to record the cash contribution to plan assets and benefit payments to retirees. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the journal entries for 2018 and 2019 to record any gains and losses and new prior service cost. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) No General Journal Debit Credit Date 2018 44.0 Loss-OCI Plan assets 44.0 2 2018 8.0 X Prior service cost-OCI PBO 8.0 X 2019 Loss-OCI 25.2 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare the journal entries for 2018 and 2019 to record any gains and losses and new prior service cost. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) View transaction list Journal entry worksheet Record new prior service cost. Note: Enter debits before credits. Date General Journal Credit Debit 8.0 2018 Prior service cost-OCI PBO 8.0 Record entry Clear entry View general journal
