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Lasagna Corporation has a defined benefit pension plan. Lasagna received the following information for the current calendar year: Projected benefit obligation Balance, January 1
Lasagna Corporation has a defined benefit pension plan. Lasagna received the following information for the current calendar year: Projected benefit obligation Balance, January 1 Service cost Interest cost Benefits paid Balance, December 31 Plan assets Balance, January 1 Actual return on plan assets Contribution Benefits paid Balance, December 31 $100,000,000 18,000,000 10,000,000 (8,000,000) $120,000,000 $ 70,000,000 7,000,000 16,000,000 (8,000,000) $ 85,000,000 The expected long-term return on plan assets is 10%. There were no other relevant data for the year. Required: 1. Determine Lasagna Corporation's pension expense for the year. 2. Prepare the journal entries to record the pension expense and funding for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record the pension expense and funding for the year. (Enter your answers in millions. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) The expected long-term return on plan assets is 10%. There were no other relevant data for the year. Required: 1. Determine Lasagna Corporation's pension expense for the year. 2. Prepare the journal entries to record the pension expense and funding for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine Lasagna Corporation's pension expense for the year. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.) Pension Expense Service cost Interest cost Expected return Pension expense ($ in millions) $ 18 10 (7) 21 Required 1 Required 2 >
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