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4 1 To focus on the core issues, we ignored the income tax effects of the pension amounts. Reproduced below are the journal entries that Global Communications used to record its pension expense and funding in 2021 and the new gain and loss that occurred that year. (s in millions) To Record Pension Expense Pension expense (total) 43 Plan assets (expected return on plan assets) 27 PBO ($41 service cost + $24 interest cost) 65 Amortization of prior service cost-OCI (2021 amortization) Amortization of net loss-OCI (2021 amortization) To Record Funding Plan assets Cash (contribution to plan assets) 48 To Record Payment of Benefits PBO 38 Plan assets (retiree benefits) 38 To Record Gains and Losses Loss-OCI (from change in assumption) PBO 23 48 23 Plan assets 3 Gain-OCI (from actual return exceeding expected return) 3 Required: 1. Recast these journal entries to include the income tax effects of the events being recorded. Assume that Global's tax rate is 25%. [Hint Costs are incurred and recognized for financial reporting purposes now, but the tax impact comes much later-when these amounts are deducted for tax purposes as actual payments for retiree benefits occur in the future. As a result, the tax effects are deferred, creating the need to record deferred tax assets and deferred tax liabilities.] 2. Prepare a statement of comprehensive income for 2021, assuming Global's only other sources of comprehensive income were net income of $300 million and a $30 million unrealized holding gain on investments in securities available for sale. Recast these journal entries to include the income tax effects of the events being recorded. Assume that Global's tax rate is 25%. (Hint: Costs are incurred and recognized for financial reporting purposes now, but the tax impact comes much later when these amounts are deducted for tax purposes as actual payments for retiree benefits occur in the future. As a result, the tax effects are deferred, creating the need to record deferred tax assets and deferred tax liabilities.] (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) Show less View transaction list Journal entry worksheet 6 > Record pension expense. Note: Enter debits before credits. Event Credit Debit 9.50 1 43.00 27.00 General Journal Deferred tax asset Pension expense Plan assets PBO Amortization of prior service cost-oci Amortization of net loss-OCI Income tax expense 65.00 3.00 0.75 10.75 Recast these journal entries to include the income tax effects of the events being recorded. Assume that Global's tax rate is 25%. (Hint: Costs are incurred and recognized for financial reporting purposes now, but the tax impact comes much later-when these amounts are deducted for tax purposes as actual payments for retiree benefits occur in the future. As a result, the tax effects are deferred, creating the need to record deferred tax assets and deferred tax liabilities.] (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) Show less View transaction list Journal entry worksheet