Question $2$:

Kitty Corporation $($KC$)$ offers a pension to all employees. KC has engaged with Forlorn Investments as the trustee for its pension account. KC received the following information in the trustee$$s report for $2023$: the beginning balance was $$250$ million, earned a loss $($negative return$)$ of $-7\mathrm{.}25\%($which falls below its expected positive return of $5\mathrm{.}50\%),$ and paid out $$34$ million in cash for retiree benefits. KC contributed $$22$ million in $2023$ to plan assets. At the end of $2022,$ KC had a PBO of $$175$ million. KC$$s actuarial firm reported that service cost for $2023$ was $$17$ million, and that there was a one$-$time loss on the year from changes in actuarial assumptions of $$15$ million. In the current year, KC modified its pension agreement, such that it increased the total PBO by $$65$ million. The actuary$$s discount rate is $5\%$ and the average remaining service period of KC$$s employees is $10$ years. Ignore any amortization of a pension gains$/$losses$.$ Prepare all adjusting journal entries required for the pension as of the end of $2023.$