Question 5 (of 5) value 0.50 polnts Patel Industries has a noncontributory, defined benefit pension plan. Since the inception of the plan, the actuary has used as the discount rate the rate on high quality corporate bonds, which recently has been 7%. During 2016, changing economic conditions caused the rate to change to 6% and the actuary decided that 6% is the appropriate rate. Required Does the change in discount rate create a gain or doos it create a loss for Patel under U.S. GAAP? Adecrease in the discount rate from 7% to 6% projected benefit obligation. When the obligation reported as a the it is 2. Assume the magnitude of the change is $14.1 million. Prepare the appropriate journal entry to record any 2016 gain or loss under U.S. GAAP. If Patel prepares its financial statements according to U.S GAAP, how ill the company report select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 declmal place (i0, 5,500,000 should be entered as 5.5).) the gain or loss? (If no entry is required for a transaction/event, Journal entry worksheet MacBook Air FA FS