Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help they are a question all together 3. Prepare a pension spreodsheet to assist you in determining end of 2024 balances in the PBO,

please help they are a question all together
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
3. Prepare a pension spreodsheet to assist you in determining end of 2024 balances in the PBO, plan assets, prior service cost-AOCl, he net loss AOCl, and the pension Hiability. Note: Enter your answers in millions (l.e., 10,000,000 should be entered as 10). Enter credit amounts with a minus sign and deblt mounts with a positive sign. 6. Using T-accounts, determine the balances at December 31,2025 , in the net loss-AOCl and prior service cost-AOCl. Note: Enter your answers in millions rounded to 1 declmal place (i.e., 5,500,000 should be entered as 5.5 ). Complete this question by entering your answers in the tabs below. Determine Lakeside's pension expense for 2024. Note: Amounts to be deducted should be indicated with a hilnus sign. Enter your answers in millions (1,e., 10,000,000 should be entered as 10 ). 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 expensefor 2025. 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-AOCl, the net loss-AOCl, and the pension liability. Note: Enter your answers in millions rounded to 1 decimal place (Le, 5,500,000 should be entered as 5.5). Enter credit amounts with a minus sign and debit amounts with a positive sign. Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2025: (\$ in millions) equired: a. Determine Lakeside's pension expense for 2024. b. Propare the appropriate journal entries to record the expense as well as the cash contribution to plan assets and payment of enefits to retirees. Complete this question by entering your answers in the tabs below. Determine the new gains and/or losses in 2025, and prepare the appropriate journal entry(s) to record them. lote: H no entry is required for a transaction/event, select "No journal entry requlred" in the first account fleld. Enter your answers mililions (1.e., 10,000,000 should be entered as 10). (\$ in millions) 2. Determine the new gains and/or losses in 2024 and prepare the pproprlate journal entry(s) to record them. Note: If no entry is required for a transaction/event, select "No journal entry required" in the flist account fleld. Enter your answers in millions (1.e., 10,000,000 should be entered as 10 ). The following information applies to the questions displayed below.] Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2024: Prior service cont at January 1, 2024, from plan anendment at the beqinning of 2022 (amortizationi $6 milition por year) 5. 42 nillion Net losm-pensions at Janusry 1, 2024 (previous losses exceeded previoun gainn) $60 million Average remaining service dite of the setive enployee group Actuary's diseount rate 10 yeurs 8) (\$ in millions). Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cabie during 2025: (\$ in millions)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions