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, 2824, from plan amendment at the beginning of 2822 (amortization: \$7 million per year) Net loss-pensions at January 1, 2824 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate $49 million $67 million 16 years 16% (\$1n millions) Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2025 (\$1n millions) Required: 1-a. Determine Lakeside's pension expense for 2024. 1-b. Prepare the approprlate journal entrles to record the expense as well as the cash contribution to plan assets and payment ; benefits to retrees. Complete this question by entering your answers in the tabs below. Determine Lakeside's pension expense for 2024. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Prepare the appropriate journal entries to record the expense as well as the cash contribution to 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 (i.e., 10,000,000 should be entered as 10). 2. Determine the new gains and/or losses in 2024 and prepare the approprlate journal entry(s) to record them. Note: If no entry is required for a transactlon/event, select "No journal entry requlred" In the flrst account fleld. Enter your answers In millions (l.e., 10,000,000 should be entered as 10). Credit 3. Prepare a pension spreadsheet to assist you in determining end of 2024 balances in the PBO, plan assets, prior service cost-AOCl the net loss-AOCl, and the pension Ilability. Note: Enter your answers In millions (l.e., 10,000,000 should be entered as 10). Enter credlt amounts with a minus sign and deblt amounts with a positive sign. 4-a. Determine Lakeside's pension expense for 2025. 4-b. Prepare the approprlate joumal entries to record the expense, the cash funding of plan assets, and payment of benefits t retrees. Complete this question by entering your answers in the tabs below. Determine Lakeside's pension expense for 2025. Note: Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5 ). Prepare the appropriate journal entries to record the expense, the cash funding of plan assets, and payment of benefits to retireses. 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 5.5 ). 5. Determine the new gains and/or losses in 2025 , and prepare the approprlate journal entry(s) to record them. Note: If no entry is required for a transaction/event, select "No journal entry required" In the flist account fleld. Enter your answers In millions (l.e., 10,000,000 should be entered as 10). 6. 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 (l.e., 5,500,000 should be entered as 5.5). 7. Prepare a pension spreadsheet to assist you in determining end of 2025 balances in the PBO, plan assets, prior service cost-AOCl, the net loss-AOCl, and the pension llability. Note: Enter your answers in millions rounded to 1 decimal place (l.e., 5,500,000 should be entered as 5.5). Enter credit amounts wlth a minus sign and deblt amounts with a positive sign. 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, 2824, from plan amendment at the beginning of 2822 (amortization: \$7 million per year) Net loss-pensions at January 1, 2824 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate $49 million $67 million 16 years 16% (\$1n millions) Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2025 (\$1n millions) Required: 1-a. Determine Lakeside's pension expense for 2024. 1-b. Prepare the approprlate journal entrles to record the expense as well as the cash contribution to plan assets and payment ; benefits to retrees. Complete this question by entering your answers in the tabs below. Determine Lakeside's pension expense for 2024. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Prepare the appropriate journal entries to record the expense as well as the cash contribution to 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 (i.e., 10,000,000 should be entered as 10). 2. Determine the new gains and/or losses in 2024 and prepare the approprlate journal entry(s) to record them. Note: If no entry is required for a transactlon/event, select "No journal entry requlred" In the flrst account fleld. Enter your answers In millions (l.e., 10,000,000 should be entered as 10). Credit 3. Prepare a pension spreadsheet to assist you in determining end of 2024 balances in the PBO, plan assets, prior service cost-AOCl the net loss-AOCl, and the pension Ilability. Note: Enter your answers In millions (l.e., 10,000,000 should be entered as 10). Enter credlt amounts with a minus sign and deblt amounts with a positive sign. 4-a. Determine Lakeside's pension expense for 2025. 4-b. Prepare the approprlate joumal entries to record the expense, the cash funding of plan assets, and payment of benefits t retrees. Complete this question by entering your answers in the tabs below. Determine Lakeside's pension expense for 2025. Note: Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5 ). Prepare the appropriate journal entries to record the expense, the cash funding of plan assets, and payment of benefits to retireses. 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 5.5 ). 5. Determine the new gains and/or losses in 2025 , and prepare the approprlate journal entry(s) to record them. Note: If no entry is required for a transaction/event, select "No journal entry required" In the flist account fleld. Enter your answers In millions (l.e., 10,000,000 should be entered as 10). 6. 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 (l.e., 5,500,000 should be entered as 5.5). 7. Prepare a pension spreadsheet to assist you in determining end of 2025 balances in the PBO, plan assets, prior service cost-AOCl, the net loss-AOCl, and the pension llability. Note: Enter your answers in millions rounded to 1 decimal place (l.e., 5,500,000 should be entered as 5.5). Enter credit amounts wlth a minus sign and deblt amounts with a positive sign
