just roman numeral I

I. (20 points) The Summit Company has a defined benefit pension plan. Pension information concerning the fiscal years 2021 and 2022 are presented below ($ in millions): Information Provided by Pension Plan Actuary: a. Projected benefit obligation as of December 31, 2020 = $3,950. b. Prior service cost from plan amendment on January 2, 2021 = $850 (straight- amortization for 10-year average remaining service period). c. Service cost for 2021 = $690. d. Service cost for 2022 = $740. e. Discount rate used by actuary on projected benefit obligation for 2021 and 20 10%. f. Payments to retirees in 2021 = $550. g. Payments to retirees in 2022 = $620. h. No changes in actuarial assumptions or estimates. i. Net gain-AOCI on January 1, 2021 = $465. j. Net gains and losses are amortized for 10 years in 2021 and 2022. Information Provided by Pension Fund Trustee: a. Plan asset balance at fair value on January 1, 2021 = $2,800. b. 2021 contributions = $710. c. 2022 contributions = $760. d. Expected long-term rate of return on plan assets = 12%. e. 2021 actual return on plan assets = $260. f. 2022 actual return on plan assets = $310. Required: 1. Calculate pension expense for 2021 and 2022. 2. Prepare the journal entries for 2021 and 2022 to record pension expense. 3. Prepare the journal entries for 2021 and 2022 to record any gains and losses and n prior service cost. 4. Prepare the journal entries for 2021 and 2022 to record (a) the cash contribution to assets and (b) the benefit payments to retirees. 1. (20 points) The Summit Company has a defined benefit pension plan. Pension information concerning the fiscal years 2021 and 2022 are presented below is in millions Information Provided by Pension Plan Actuary a Projected benefit obligation as of December 31, 2020 - 53,950. b. Prior service cost from plan amendment on January 2, 2021 - $850 (straight-line amortization for 10 year average remaining service period) c Service cost for 2021 - 5690. d. Service cost for 20225740, c. Discount rate used by actuary on projected benefit obligation for 2021 and 2022 Payments to retirees in 2021-5550 8. Payments to retirees in 2022-5620 h. No changes in actuarial assumptions or estimates i Net gainACXCI on January 1, 2021-5465. 1. Net gains and losses are amortized for 10 years in 2021 and 2022 Information Provided by Pension Fund Trust a Plan asset balance at fair value on January 1, 2021 = $2.500 b. 2021 contributions - S710 C 2022 contributions - 5760 d. Expected long-term rate of return on plan asus-12 e 2021 actual return ce plan assets - $260. 2022 actual return on plan assets - 5310 Required: 1. Calculate pension expense for 2021 and 2022 2. Prepare the journal entries for 2021 and 2022 to record pension expense 3. Prepare the journal entries for 2021 and 2022 to record any gains and losses and new prior service cost 4. Prepare the journal entries for 2021 and 2022 to record(a) the cash contribution to plan assets and (b) the benefit payments to retirees. 11. (20 points) Below is the shareholders' equity section of the balance sheet of one company, as of December 31, 2020: Paid in capital: Preferred stock, & 5% 84,000 shares at Sl par Common stock, 343,400 shares at Si par Paid-in capital excess of par, preferred Paid-in capital Cess of par, common Retained earnings Treasury stock, al cost: 3,400 common shares Tot shareholders' cquity $4.000 343.400 1.465.000 2.515.000 45.000 SIBIR During 2021. several events and transactions affected the retained camnings of this company Reguired: I. Prepare the appropriate entries for these events. a. On March 3, the board of directors declared a property dividend of 220,000 shares of Leasca International common stock that the company had purchased in January as an investment (book valuc: $426,000). The investment shares had a fair value of $2 per share and were distributed March 31 to shareholders of record March 15 b. On May 3, a S.for-4 stock split was declared and distributed. The stock split was effected in the form of a 25% mock dividend. The market value of the Spar common stock was $10 per share c. On July 5, a 2% com c erand distributed. The 1. (20 points) The Summit Company has a defined benefit pension plan. Pension information concerning the fiscal years 2021 and 2022 are presented below in millions Information Provided by Pension Plan Actuary: a Projected benefit obligation as of December 31, 2020 = $3.950. b. Prior service cost from plan amendment on January 2, 2021 - $850 (straight-line amortization for 10-year average remaining service period) Service cost for 2021-5690 d. Service cost for 2022-5740, Discount rate used by a ny on projected benefit obligation for 2021 and 2002- Payments to retireesia 2021-5550 8. Payments to retirees in 2022-5620 h. No changes in actuarial assumptions or estimates Nel gain ACCI on January 1, 2021-5465. | Net gains and losses are amortized for 10 years in 2021 and 2022 Information Provided by Pension Fund Trustee a Plan asset balance at fair value on January 1, 2021 - 52.800 b, 2021 contributions - $710. C 2022 contributions - 5760 d. Expected long-term rate of return on plan assets 12% 2021 actual return on plan assets - $260. 1 2022 actual return a plan assets $310. Required: 1. Calculate pension expense for 2021 and 2022 2. Prepare the journal entries for 2021 and 2022 to record pension expense 3. Prepare the journal entries for 2021 and 2022 to record any gains and losses and new prior service cost 4. Prepare the journal entries for 2021 and 2022 to record(a) the cash contribution to plan assets and (b) the benefit payments to retirees