Required: Prepare a pension spreadsheet that shows the relationships among the various pension balances showe changes in those balances, and computes pension expense for 2018. Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2018 P 17-16 Comprehensive- reporting a pension plan; pension spreadsheet: determine changes in balances; two years .LO17-3 through LO17-8 Prior service cost at Jan. 1. 2018, from plan amendment at the beginning of 2016 (amortization: $4 million per year) Net loss-pensions at Jan. 1, 2018 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate $32 million $40 million 10 years 8% ($ in millions) PBO Plan Assets $300 48 $200 15 Beginning of 2018 Service cost Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2018 Beginning of 2018 Return on plan assets, 7.5% (10% expected) Cash contributions Less: Retiree benefits End of 2018 (20) (20) $350 $240 Required: 1. Determine Lakeside's pension expense for 2018, and prepare the appropriate journal entries to record the expense as well as the cash contribution to plan assets and payment of benefits to retirees. 2. Determine the new gains and/or losses in 2018 and prepare the appropriate journal entry(s) to record them. 3. Prepare a pension spreadsheet to assist you in determining end of 2018 balances in the PBO plan assets, prior service cost-AOCI, the net loss-AOCI, and the pension liability. antinnhance in the PRO and plantsflakeside Required: Prepare a pension spreadsheet that shows the relationships among the various pension balances showe changes in those balances, and computes pension expense for 2018. Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2018 P 17-16 Comprehensive- reporting a pension plan; pension spreadsheet: determine changes in balances; two years .LO17-3 through LO17-8 Prior service cost at Jan. 1. 2018, from plan amendment at the beginning of 2016 (amortization: $4 million per year) Net loss-pensions at Jan. 1, 2018 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate $32 million $40 million 10 years 8% ($ in millions) PBO Plan Assets $300 48 $200 15 Beginning of 2018 Service cost Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2018 Beginning of 2018 Return on plan assets, 7.5% (10% expected) Cash contributions Less: Retiree benefits End of 2018 (20) (20) $350 $240 Required: 1. Determine Lakeside's pension expense for 2018, and prepare the appropriate journal entries to record the expense as well as the cash contribution to plan assets and payment of benefits to retirees. 2. Determine the new gains and/or losses in 2018 and prepare the appropriate journal entry(s) to record them. 3. Prepare a pension spreadsheet to assist you in determining end of 2018 balances in the PBO plan assets, prior service cost-AOCI, the net loss-AOCI, and the pension liability. antinnhance in the PRO and plantsflakeside
