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 2024: Prior service cost at January 1, 2024, from plan amendment at the beginning of 2022 (amortization: $4 million per year) Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) $ 32 million $ 40 million 10 years 8% PBO Beginning of 2024 $ 300 Beginning of 2024 Plan Assets $ 200 Service cost 48 24 Return on plan assets, 7.5% (10% expected) (2) Cash contributions (28) $ 350 Less: Retiree benefits End of 2024 15 45 (20) $ 240 Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2024 Assume the following actuary and trustee reports Indicating changes in the PBO and plan assets of Lakeside Cable during 2025: ($ in millions) Beginning of 2025 Plan Assets $ 240 PBO $ 350 Beginning of 2025 Service cost 38 Return on plan assets, 15% (10% Interest cost, 8% 28 expected) Loss (gain) on PBO 5 Cash contributions Less: Retiree benefits (16) Less: Retiree benefits End of 2025 $ 405 End of 2025 36 30 (16) $ 290 2. 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 (1.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet 1 2 Record gain or loss on plan assets. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal