Prior service cost at January $1,2024,$ from plan amendment at the beginning of

$2022($amortization: $$6$ million per year$)$

Net loss$-$pensions at January $1,2024($previous losses exceeded previous gains$)$

Average remaining service life of the active employee group

$$60$ million

Actuary's discount rate

$10$ years

$($$ in millions$)$

Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during

$2025$:

$($$ in millions$)$ 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: $$6$ million per year$)$ $ $42$ million

Net loss$-$pensions at January $1,2024($previous losses exceeded previous gains$)$ $ $60$ million

Average remaining service life of the active employee group $10$ years

Actuary$$s discount rate $8\%$

$($$ in millions$)$

PBO Plan Assets

Beginning of $2024$ $ $400$ Beginning of $2024$ $$200$

Service cost $58$

Interest cost, $8\%32$ Return on plan assets, $7\mathrm{.}5\%(10\%$ expected$)15$

Loss $($gain$)$ on PBO $(3)$ Cash contributions $72$

Less: Retiree benefits $(37)$ Less: Retiree benefits $(37)$

End of $2024$ $ $450$ End of $2024$ $$250$

Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during $2025$:

$($$ in millions$)$

PBO Plan Assets

Beginning of $2025$ $ $450$ Beginning of $2025$ $ $250$

Service cost $48$

Interest cost, $8\%36$ Return on plan assets, $14\%(10\%$ expected$)35$

Loss $($gain$)$ on PBO $5$ Cash contributions $40$

Less: Retiree benefits $(26)$ Less: Retiree benefits $(26)$

End of $2025$ $ $513$ End of $2025$ $ $299$

Required: Only $4-7$ please

$1-$a$.$ Determine Lakeside$$s pension expense for $2024.$

$1-$b$.$ Prepare the appropriate journal entries to record the expense as well as the cash contribution to plan assets and payment of benefits to retirees.

$2.$ Determine the new gains and$/$or losses in $2024$ and prepare the appropriate journal entry$($s$)$ to record them.

$3.$ Prepare a pension spreadsheet to assist you in dete end of $2024$ balances in the PBO, pl

$4-$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.

$5.$ Determine the new gains and$/$or losses in $2025,$ and prepare the appropriate journal entry$($s$)$ to record them.

$6.$ Using T$-$accounts, determine the balances at December $31,2025,$ in the net loss$$AOCI and prior service cost$$AOCI$.$

$7.$ Prepare a pension spreadsheet to assist you in determining end of $2025$ balances in the PBO, plan assets, prior service cost$$AOCI$,$ the net loss$$AOCI$,$ and the pension liability.