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I was able to get the pension expense ( 40 million ) for the first requirement, and the right titles for the journal entries, but
I was able to get the pension expense ( 40 million ) for the first requirement, and the right titles for the journal entries, but the amounts that go Into the journal entries are what is getting me, I have honestly no idea what to do.
CH 17 - Homework Pensions Saved Help Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 7 2.9 points Abbott and Abbott has a noncontributory defined benefit pension plan At December 31, 2021. Abbott and Abbott received the following Information: Projected Benefit Obligation 1$ in millions) Balance, January 1 $130 Service cont Interest cost 13 Benefits paid (9) Balance, December 31 5172 5110 12 Plan Assets Balance, January 1 Actual return on plan asals Contributions 2021 Benefits paid Balance, December 31 $ 151 The expected long-term rate of return on plan assets was 10%. There was no prior service cost and a negligible net lass-AOCI on January 1, 2021 Required 1. Determine Abbott and Abbott's pension expense for 2021 2. Prepare the journal entries to record Abbott and Abbott's (a) pension expense, (b) funding, and (c) payment for 2021. Answer is complete but not entirely correct. . Complete this question by entering your answers in the tabs below. CH 17 - Homework Pensions a Saved Help Save & Exit Submit Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 7 12 38 Actual return on plan besets Contribution 2021 Benefits paid Balance, December 31 $151 2.9 points The expected long-term rate of return on plan assets was 10%. There was no prior service cost and a negligible net loss-AOCI on January 1, 2021 Required: 1. Determine Abbott and Abbott's pension expense for 2021. 2. Prepare the journal entries to record Abbott and Abbott's (a) pension expense, (b) funding, and (c) payment for 2021. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required! Required 2 Determine Abbott and Abbott's pension expense for 2021. Pension expense 40 million Required 1 Required 2 > CH 17 Homework Pensions i Saved Help Save & Exit Submit Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to question 7 2. Prepare the journal entries to record Abbott and Abbott's (a) pension expense, (b) funding, and (c) payment for 2021. Answer is complete but not entirely correct 2.9 paints Complete this question by entering your answers in the tabs below. Required 1 Recuired 2 Prepare the journal entries to record Abbott and Abbott's (a) pension expense, (b) funding, and (c) payment for 2021. (If no entry is required for a transaction/event, select "No joumal entry required in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) No Transaction General Joumal Credit A Pansion expense Debit 40,000,000 4,000,000 Plan assets PDO 48.000.000 B B Plan assets 38,000,000 Cash 38,000,000 Oo oo 12,000,000 PBO Plan assets 12,000,000Step by Step Solution
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