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Prepare the appropriate journal entries to 1)Record the pension expense. 2) Record funding to plan assets 3) Record the payment of benefit to retirees. Required
Prepare the appropriate journal entries to
1)Record the pension expense.
2) Record funding to plan assets
3) Record the payment of benefit to retirees.
Required information [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 2021: Prior service cost at Jan. 1, 2021, from plan amendment at the beginning of 2019 (amortization: $5 million per year) Net loss-pensions at Jan.1, 2021 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate $35 million $50 million 10 years 9% ($ in millions) PBO Plan Assets $150 $200 90 18 Beginning of 2021 Service cost Interest cost, 9% Loss (gain) on PBO Less: Retiree benefits End of 2021 Beginning of 2021 Return on plan assets, 8.0% (10% expected) Cash contributions Less: Retiree benefits End of 2021 44 (6) (6) $300 $200 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2022: ($ in millions) Plan Assets $200 PBO $300 41 27 4 (19) $353 Beginning of 2022 Service cost Interest cost, 9% Loss (gain) on PBO Less: Retiree benefits End of 2022 30 Beginning of 2022 Return on plan assets, 15% (10% expected) Cash contributions Less: Retiree benefits End of 2022 (19) $244 Required information [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 2021: Prior service cost at Jan. 1, 2021, from plan amendment at the beginning of 2019 (amortization: $5 million per year) Net loss-pensions at Jan.1, 2021 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate $35 million $50 million 10 years 9% ($ in millions) PBO Plan Assets $150 $200 90 18 Beginning of 2021 Service cost Interest cost, 9% Loss (gain) on PBO Less: Retiree benefits End of 2021 Beginning of 2021 Return on plan assets, 8.0% (10% expected) Cash contributions Less: Retiree benefits End of 2021 44 (6) (6) $300 $200 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2022: ($ in millions) Plan Assets $200 PBO $300 41 27 4 (19) $353 Beginning of 2022 Service cost Interest cost, 9% Loss (gain) on PBO Less: Retiree benefits End of 2022 30 Beginning of 2022 Return on plan assets, 15% (10% expected) Cash contributions Less: Retiree benefits End of 2022 (19) $244
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