Required information (The following information applies to the questions displayed below.) Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2021: Prior service cost at Jan. 1, 2021, from plan amendment at the beginning of 2019 (amortization: $6 million per year) Net loss-pensions at Jan.1, 2021 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate $51 million $59 million 10 years 10% ($ in millions) PBO Plan Assets $400 Beginning of 2021 Service cost Interest cost, 10% Loss (gain) on PBO Less: Retiree benefits End of 2021 $490 67 49 (2) (64) $540 Beginning of 2021 Return on plan assets, 9.5% (10% expected) Cash contributions Less: Retiree benefits End of 2021 38 66 (64) $440 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2022: ($ in millions) PBO Plan Assets $440 66 Beginning of 2022 Service cost Interest cost, 10% Loss (gain) on PBO Less: Retiree benefits End of 2022 $540 57 54 6 (35) $622 Beginning of 2022 Return on plan assets, 15% (10% expected) Cash contributions Less: Retiree benefits End of 2022 49 (35) $520 Req 4A Req 4B Determine Lakeside's pension expense for 2022. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Pension expense 2022 million Reg 4A Reg 4B Prepare the appropriate journal entries to record the expense, the cash funding of plan assets, and payment of benefits to retirees. (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 5.5).) View transaction list Journal entry worksheet 2 2 3 > Record the pension expense. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal Journal entry worksheet 1 N 3 3 Record funding to plan assets. Note: Enter debits before credits. General Journal Debit Credit Transaction 2 Record entry Clear entry View general journal Journal entry worksheet Reg 4A Reg 4B Prepare the appropriate journal entries to record the expense, the cash funding of plan assets, and payment of benefits to retirees. (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 5.5).) View transaction list Journal entry worksheet 2 2 3 > Record the pension expense. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal Journal entry worksheet 1 N 3 3 Record funding to plan assets. Note: Enter debits before credits. General Journal Debit Credit Transaction 2 Record entry Clear entry View general journal Journal entry worksheet
