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Phelan Company has a noncontributory, defined benefit pension plan. On December 31, 2022 (the end of Phelan's fiscal year) the following pension-related data were
Phelan Company has a noncontributory, defined benefit pension plan. On December 31, 2022 (the end of Phelan's fiscal year) the following pension-related data were available ($ in millions): Beginning balances (1/1/2022) Prior Service Cost- AOCI __ $32 Net Loss - AOCI 40 Projected Benefit Obligation............. 300 Plan Assets......... 200 2022 Pension Activity: Cash Contributions. $45 20 Retiree Benefits Paid.... Service Cost Interest Cost Loss Due to Changes in Actuarial Assumptions..... Prior Service Cost Amortization .... 200 48 24 24 2 Actual Return on Plan Assets........... Expected Return on Plan Assets....... Amortization of Net Loss - AOCI ... 15 20 20 1 REQUIREMENT: Prepare 2022 partial financial statements, in good form, for Phelan Company's pension-related information as presented in class. You must show all supporting computations in order to receive full credit even if your final answer is correct!!!!!!! HINT: THE EASIEST APPROACH TO THE SOLUTION IS TO SET UP T-ACCOUNTS AND TRACK THE ACTIVITY IN THEM.
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