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Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2024: Prior service cost at January 1, 2024, from plan amendment at the beginning of 2022 (amortization: $5 million per year) Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate $38 million $55 million 10 years 8x (\$ in millions) Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable durin 2025: 2. Determine the new gains and/or losses in 2024 and prepare the appropriate journal entry(s) to record them. Note: If no entry is required for a transaction/event, select "No journat entry required" In the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Journal entry worksheet Record gain or loss on plan assets. Note: Enter debits before credits. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Journal entry worksheet Note: : toter debits before creaits: 3. Prepare a pension spreadsheet to assist you in determining end of 2024 balances in the PBO, plan assets, prior service cost-AOCl, the net loss-AOCl, and the pension liability. Note: Enter your answers in millions (L.e., 10,000,000 should be entered as 10). Enter credit amounts with a minus sign and debit amounts with a positive sign. 4-a. Determine Lakeside's pension expense for 2025. 4-b. Prepare the appropriate journal entries to record the expense, the cash funding of plan assets, and payment of benefits to retirees. Complete this question by entering your answers in the tabs below. Determine Lakeside's pension expense for 2025. Determine Lakesides pension expense for 2025 . Note: Enter your answers in millions rounded to i decimal place ( (1.e,5,500,000 should be entered as 5.5 ). 5. Determine the new gains and/or losses in 2025 , and prepare the appropriate journal entry(s) to record them. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Journal entry worksheet 2 Record gain or loss on PBO. Notei Cnter debits before credits. 6. Using T-accounts, determine the balances at December 31, 2025, in the net loss AOCl and prior service cost-AOCI. Note: Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). 7. Prepare a pension spreadsheet to assist you in determining end of 2025 balances in the PBO, plan assets, prior service cost-AOCI, the net loss-AOCl, and the pension liability. Note: Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). Enter credit amounts with a minus sign and debit amounts with a positive sign
