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NEED HELP WITH ALL THE JOURNAL ENTRIES!!!!!!!!!!!!!! Actuary and trustee reports indicate the following changes in the PBO and plan assets of Douglas-Roberts Industries during
NEED HELP WITH ALL THE JOURNAL ENTRIES!!!!!!!!!!!!!!
Actuary and trustee reports indicate the following changes in the PBO and plan assets of Douglas-Roberts Industries during 2018 Prior service cost at Jan. 1, 2018, from plan amendment at the beginning of 2015 (amortization: $6 million per year) Net loss-AOCI at Jan.1, 2018 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate $ 30 million $114 million 10 years 5% (s in millions) Plan Assets $ 620 Beginning of 2018 Service cost $ 820 Beginning of 2018 6% (8% expected) (20) Cash contributions 72 Return on plan assets, 37.2 Interest cost, 5% Loss (gain) on PBO Less: Retiree benefits End of 2018 41.0 107 (41) Less: Retiree benefits $872.0 End of 2018 (41) $723.2 Required 1-a. Determine Douglas-Roberts' pension expense for 2018 1.b, 2. to 4. Prepare the appropriate journal entries to record the pension expense, to record any 2018 gains and losses, to record the cash contribution to plan assets and to record retiree benefitsStep by Step Solution
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