cises no HINTS Saved Help Save & Exit Submit Check my work The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2018 and 2019 are presented below ($ in millions): Information Provided by Pension Plan Actuary: a. Projected benefit obligation as of December 31, 2017 = $2,150. b. Prior service cost from plan amendment on January 2, 2018 = $650 (straight-line amortization for 10-year average remaining service period). c. Service cost for 2018 = $570 d. Service cost for 2019 = $620. e. Discount rate used by actuary on projected benefit obligation for 2018 and 2019 = 10%. f Payments to retirees in 2018 = $430. g. Payments to retirees in 2019 = $500. h. No changes in actuarial assumptions or estimates 1. Net gain-AOCI on January 1, 2018 = $255. j. Net gains and losses are amortized for 10 years in 2018 and 2019. Information Provided by Pension Fund Trustee: a. Plan asset balance at fair value on January 1, 2018 - $1,600. b. 2018 contributions = $590. c. 2019 contributions = $640. d. Expected long-term rate of return on plan assets = 12% e. 2018 actual return on plan assets = $140. t 2019 actual return on plan assets = $190. c. 2019 contributions = $640. d. Expected long-term rate of return on plan assets - 12% e. 2018 actual return on plan assets = $140. f. 2019 actual return on plan assets = $190. Required: 1. Calculate pension expense for 2018 and 2019. 2. Prepare the journal entries for 2018 and 2019 to record pension expense. 3. Prepare the journal entries for 2018 and 2019 to record any gains and losses and new prior service cost. 4. Prepare the journal entries for 2018 and 2019 to record the cash contribution to plan assets and benefit payments to retirees. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 141 Calculate pension expense for 2018 and 2019. (Do not round intermediate calculations. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) ($ in millions) 2018 2019 Pension expense - Required Required 2 > Check my work VYUO NYUCU PEYE Prepare the journal entries for 2018 and 2019 to record pension expense. (Do not round intermediate calculations. If no e for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded place (i.e., 5,500,000 should be entered as 5.5).) View transaction list Journal entry worksheet nces Record pension expense. Note: Enter debits before credits. General Journal Debit Credit Date 2018 Cyuncu Cyuncu reyuncu reyuncu Prepare the journal entries for 2018 and 2019 to record any gains and losses and new prior service cost. (Do not round in calculations. If no entry is required for a transaction/event, select No journal entry required" in the first account field. Ent answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) View transaction list Journal entry worksheet 2 3 Record gains and losses. Note: Enter debits before credits. Date General Journal Debit Credit 2018 Prepare the journal entries for 2018 dilu 2019 TECUU Le Lab UILIIDULIUM 10 pur UJJLIJ UNU ULICI PUNCILU LU ILU entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers ir 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet Record the cash contribution to plan assets. Note: Enter debits before credits General Journal Debit Credit Date 2018 The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2018 and 2019 are presented below ($ in millions): Information Provided by Pension Plan Actuary: a. Projected benefit obligation as of December 31, 2017 = $2,150. b. Prior service cost from plan amendment on January 2, 2018 = $650 (straight-line amortization for 10-year average remaining service period). C. Service cost for 2018 + $570. d. Service cost for 2019 = $620. e Discount rate used by actuary on projected benefit obligation for 2018 and 2019 = 10%. f. Payments to retirees in 2018 = $430. g. Payments to retirees in 2019 = $500. h. No changes in actuarial assumptions or estimates. 1. Net gain-AOCI on January 1, 2018 - $255. J. Net gains and losses are amortized for 10 years in 2018 and 2019. Information Provided by Pension Fund Trustee: a. Plan asset balance at fair value on January 1, 2018 = $1,600. b. 2018 contributions = $590. c. 2019 contributions = $640. d. Expected long-term rate of return on plan assets = 12%. e. 2018 actual return on plan assets = $140. f. 2019 actual return on plan assets = $190. h. No changes in actuarial assumptions or estimates. 1. Net gain-AOCI on January 1, 2018 = $255. J. Net gains and losses are amortized for 10 years in 2018 and 2019. Information Provided by Pension Fund Trustee: a. Plan asset balance at fair value on January 1, 2018 = $1,600. b. 2018 contributions = $590. C. 2019 contributions = $640. d. Expected long-term rate of return on plan assets = 12%. e. 2018 actual return on plan assets = $140. 2019 actual return on plan assets = $190. Required: 1. Calculate pension expense for 2018 and 2019. 2. Prepare the journal entries for 2018 and 2019 to record pension expense. 3. Prepare the journal entries for 2018 and 2019 to record any gains and losses and new prior service cost. 4. Prepare the journal entries for 2018 and 2019 to record the cash contribution to plan assets and benefit payments to retirees. Complete this question by entering your answers in the tabs below. Required 1 Required 2 "Required 3 Required 4 Check my work 1. Calculate pension expense for 2018 and 2019. 2. Prepare the journal entries for 2018 and 2019 to record pension expense. 3. Prepare the journal entries for 2018 and 2019 to record any gains and losses and new prior service cost. 4. Prepare the journal entries for 2018 and 2019 to record the cash contribution to plan assets and benefit payments to retirees. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate pension expense for 2018 and 2019. (Do not round intermediate calculations. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) (5 in millions) 2018 2019 Pension expense Recuired 1 Required 2 >
