Problem $17-12($Algo$)$ Determine pension expense; journal entries; two years $[$LO$17-3,17-4,17-5,17-6,17-$

$7,17-8]$

The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years $2024$ and $2025$ are

presented below $($$ in millions$)$:

Information Provided by Pension Plan Actuary:

a$.$ Projected benefit obligation as of December $31,2023=$$$2,150.$

b$.$ Prior service cost from plan amendment on January $2,2024=$ $$650($straight$-$line amortization for $10-$year average remaining service

period$).$

c$.$ Service cost for $2024=$$$570.$

d$.$ Service cost for $2025=$$$620.$

e$.$ Discount rate used by actuary on projected benefit obligation for $2024$ and $2025=10\%.$

f$.$ Payments to retirees in $2024=$$$430.$

g$.$ Payments to retirees in $2025=$$$500.$

h$.$ No changes in actuarial assumptions or estimates.

i$.$ Net gain$-$AOCl on January $1,2024=$$$255.$

j$.$ Net gains and losses are amortized for $10$ years in $2024$ and $2025.$

Information Provided by Pension Fund Trustee:

a$.$ Plan asset balance at fair value on January $1,2024=$$$1,600.$

b$.2024$ contributions $=$$$590.$

c$.2025$ contributions $=$$$640.$

d$.$ Expected long$-$term rate of return on plan assets $=12\%.$

e$.2024$ actual return on plan assets $=$$$140.$

f$.2025$ actual return on plan assets $=$$$190.$

Required:

Calculate pension expense for $2024$ and $2025.$

Prepare the journal entries for $2024$ and $2025$ to record pension expense.

Prepare the journal entries for $2024$ and $2025$ to record any gains and losses and new prior service cost.

Prepare the journal entries for $2024$ and $2025$ to record $($a$)$ the cash contribution to plan assets and $($b$)$ the benefit payments to

retirees.

Answer is not complete.

Complete this question by entering your answers in the tabs below.

Required $4$

Calculate pension expense for $2024$ and $2025.$

Note: Amounts to be deducted should be indicated with a minus sign. Do not round intermediate calculations. Enter your

answers in millions rounded to $1$ decimal place $($i$.$e$.,5,500,000$ should be entered as $5\mathrm{.}5).$