Problem 17-10 (Algo) Prior service cost; calculate pension expense; journal entries: determine net pension asset or liability (L017-5, 17-6, 17-7] Electronic Distribution has a defined benefit pension plan, Characteristics of the plan cuong 2021 are as follows Ellions PEO halan, Tuary 1 plant assets Balance anary 1 Sevice cost traterest cost Gath rochante in actualalumption Benefits paid Actual return plan acets Contributions 2031 450 100 30 34 (65) 20 0 The expected long-term rate of return on planes was 8% There were no AOC balances related to pensions on January 1, 2021 but at the end of 2021, the company amended the pension formula, creating a protece cost of $19 motion (Enter your answers in millions (l. 10,000,000 should be entered os 10).) Required: 1. Calculate the pension expense for 2021 2. Prepare the journal entries to record pension expense. (b) goins or losses (optior Service cost. (d) funding, and le payment of benefits for 2021 3. What amount will Electronic Distribution report in 2021 balance sheets a net pension asset or net pension ability? Complete this question by entering your answers in the tabs below. HCARICU y dic Olliati e Was o weit LILIGIS latu u Say 2021 but at the end of 2021, the company amended the pension formulo, creating a pilor service cost of $19 million (Enter your answers in millions (.e. 10,000,000 should be entered as 10). Required: 1. Calculate the pension expense for 2021 2. Prepare the journal entries to record (a) pension expense (1) gains or losses. (c) prior service cost, (d) funding and te) payment of benefits for 2021 3. What amount will Electronic Distribution report in its 2021 balance sheet as a net pension asset or net pension ability Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Calculate the pension expense for 2021. (Enter your answer ons 10.000.000 should be untered as 10.) Portono mon Required 2 Required 1 Required 2 Required 3 Prepare the journal entries to record (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (o) payment of benefits for 2021. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in millions de 10,000,000 should be entered as 10). View transaction list SOR Journal entry worksheet A B C D E F Record the pension expense Note: Enter debits before credits Transaction General Journal Debit Credit A requirea: 1. Calculate the pension expense for 2021 2. Prepare the journal entries to record (a) pension expense. (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment benefits for 2021 3. What amount will Electronic Distribution report in its 2021 balance sheet as a net pension asset or net pension Ilability? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What amount will Electronic Distribution report in its 2021 balance sheet as a net pension asset or net pension liability? (Enter your answer in millons (e10,000,000 should be entered as 10).) million
