retiree benefits

A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Inc.'s defined benefit pension plan follows. Six years earlier, Carney revised its pension formula and recalculated benefits earned by employees in prior years using the more generous formula. The prior service cost created by the recalculation is being amortized at the rate of $7 million per year. At the end of 2021, the pension formula was amended again, creating an additional prior service cost of $45 million. The expected rate of return on assets and the actuary's discount rate were 10%, and the average remaining service life of the active employee group is 10 years. Required: 1. Fill in the missing amounts. 2. Prepare the 2021 journal entry to record pension expense. 3. Prepare the journal entry(s) to record any 2021 gains and losses and new prior service cost in 2021. 4. Prepare the 2021 journal entries to record (a) the cash contribution to plan assets and (b) the payment of retiree benefits. X Answer is not com ete. Complete this question by entering your answers in the tabs below. Req 1 Req 2 to 4 Fill in the missing amounts. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Enter credit amounts with a minus sign and debit amounts with a positive sign.) ( )s indicate credits; debits otherwise Prior Service Costa Net LOSS. Net Pension Il iability Pension Expense Plan Assets Cash ($ in millions) PBO Prey 3 of 4 3 Next > Fill in the missing amounts. (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.) s indicate credits: debits otherwise (S in millions) PBO Plan Assets Prior Service Cost- AOCI 25 Net Loss- Pension Expense Cash Net Pension (Liability) Asset (170) (70) Balance, Jan. 1. 2021 660 93 Service cost (830) (70) (83) 70 83 (83) 66 (66) 66 Interest cost Expected return on assets Adjust for: Loss on assets Amortization of 8 (8) (7) Prior service cost 7 Net loss 13 (13) Loss on PBO (13) (45) 78 45 (45) 78 (78) Prior service cost Cash funding Retiree benefits 63 735 113 95 (245) (1.041) Bal., Dec. 31. 2021 Req 2 to 4 > ********** No Event General Journal Debit Credit 1 02 Pension expense 95 Plan assets 66 PBO OOOOO 153 Amortization of prior service cost-OCI Amortization of net loss-OCI 1 2 3a Loss-OCI 8 Plan assets 8 13 3 3b Loss-OCI Prior service cost-OCI 45 58 PBO 78 4 4a Plan assets 78 Cash 70 X PBO 70 X Plan assets