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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: $$7$ million per year$)$ $ $52$ million

Net loss$-$pensions at January $1,2024($previous losses exceeded previous gains$)$ $ $65$ million

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

Actuary$$s discount rate $8\%$

$($$ in millions$)$

PBO Plan Assets

Beginning of $2024$ $ $550$ Beginning of $2024$ $$400$

Service cost $68$

Interest cost, $8\%44$ Return on plan assets, $7\mathrm{.}5\%(10\%$ expected$)30$

Loss $($gain$)$ on PBO $(3)$ Cash contributions $79$

Less: Retiree benefits $(59)$ Less: Retiree benefits $(59)$

End of $2024$ $ $600$ End of $2024$ $$450$

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 $2025$ $ $600$ Beginning of $2025$ $ $450$

Service cost $58$

Interest cost, $8\%48$ Return on plan assets, $18\%(10\%$ expected$)81$

Loss $($gain$)$ on PBO $5$ Cash contributions $50$

Less: Retiree benefits $(36)$ Less: Retiree benefits $(36)$

End of $2025$ $ $675$ End of $2025$ $ $545$

$2.$ 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 determining end of $2024$ balances in the PBO, plan assets, prior service cost$$AOCI$,$ the net loss$$AOCI$,$ and the pension liability.

$4-$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. Determine the new gains and$/$or losses in $2024$ and prepare the appropriate journal entry$($s$)$ to record them.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers

in millions $($i$.$e$.,10,000,000$ should be entered as $10).$ Prepare a pension spreadsheet to assist you in determining end of $2024$ balances in the PBO $,$ plan assets, prior service cost$-$AOCI,

the net loss$-$ AOCl $,$ and the pension liability.

Note: Enter your answers in millions $($i$.$e$.,10,000,000$ should be entered as $10).$ Enter credit amounts with a minus sign and debit

amounts with a positive sign. $4-$a$.$ Determine Lakeside s pension expense for $\frac{\frac{?}{{?}_0}}{{?}_5}.$

$4-$b$.$ Prepare the appropriate journal entries to record the expense, the cash funding of plan assets, and payment of benefits to

retirees.

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Prepare the appropriate journal entries to record the expense, the cash funding of plan assets, and payment of benefits to

retirees.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your

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

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

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers

in millions $($i$.$e$.,10,000,000$ should be entered as $10).$Using T$-$accounts, determine the balances at December $31,2025,$ in the net loss$-$ AOCl and prior service cost$-$AOCl.

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