The answers in red are already incorrect. Please provide the correct answers and explanation.
Wortue on frotwiso by fursion fan detiwr: perios c. Sevice cent ior 2025 + 5sec 1. pevenenti io iutrect 1120241420 5. Fermentatumeteren 2025=1549 1. No chavesinartarie ack Net gaei-AOC on denatr 12004=5250 b. 20a4 contibutions w 5900 ie 297" corerbctions i 5300 Q. 2084 actued ifturt on sher atsen =1+10 Pequived: 1. Cawiste berian expenie for 200 s and zog tetrent Calculate pension expense for 2024 and 2025. Aote: Amounts to be deducted should be indicated with a minus sigh. Do not round Intermediate calc answers in millions rounded to 1 decimal ploce (Le, 5,500,000 should be entered as 5,5). whinged as 55 ) Prepare the journal entries for 2024 and 2025 to record any gains and losses and new prior service cost. Note: Do not round intermediate calculations. If no entry is roguired for a transactionvevent, 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 ). Prepare the foumal entries for 2024 and 2025 to record (a) the cash contribution to plan assets and (b) the benefit payments to retires. Note: If no entry is required for a transactionvevent, select "No fournal entry required" in the first account field, Enter your answers in millions. (i.e., 10,000,000 should be entered as 10). The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2024 and 2025 are presented below ( $ in millions): Information Provided by Pension Plan Actuary: a. Projected benefit obligation as of December 31,2023=$2,000. b. Prior service cost from plan amendment on Jonuary 2, 2024 = $600 (straight-line amortization for 10 -year average remaining service period). c. Service cost for 2024=$560 d. Service cost for 2025 - $610. e. Discount rate used by actuary on projected benefit obligation for 2024 and 2025=10%. 1. Payments to retirees in 2024=$420. 9. Payments to retirees in 2025=$490. h. No changes in actuatial assumptions or estimates. 1. Net gain-AOCl on January 1,2024=$250. 1. Net gains and losses are amortized for 10 years in 2024 and 2025 . Information Provided by Pension Fund Trustee: a. Pian asset balance at fait value on January 1,2024=$1,500. b. 2024 contributions =$580. c. 2025 contributions =$630 d. Expected lang-term rate of return on plan assets =12%. e. 2024 actual return on plan assets =$130. f. 2025 actual return on plan assets =$180 Required: 1. Calculate pension expense for 2024 and 2025 2. Prepare the joumal entries for 2024 and 2025 to record pension expense. 3. Prepare the journal entries for 2024 and 2025 to record any gains and losses and now prior service cost. 4. Prepare the journal entries for 2024 and 2025 to record (b) the cash contribution to plan assets and (b) the benefit payments to ratirees Calculate pension expense for 2024 and 2025. Note: Amounts to be deducted should be indicated with a minus sign. Do not round i answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as Prepare the journal entries for 2024 and 2025 to record pension expense. Note: Do not round intermediate calculations. If no entry is required for a transaction/event, select "No fournal entr required in the first account field. Enter your answers in millions rounded to 1 decmal place (i,e,, 5,500, 000 shoule entered as 5.5 . . Prepare the joumal entries for 2024 and 2025 to record any gains and losses and new prior service cost. Note: Do not round intermediate calculations. If no entry is required for a transaction/event, select No fournal entr required 'In the first account field. Enter your answers in millions rounded to 1 decimal place ( (1.6,5,500,000 should entered as 5.5 ). Wortue on frotwiso by fursion fan detiwr: perios c. Sevice cent ior 2025 + 5sec 1. pevenenti io iutrect 1120241420 5. Fermentatumeteren 2025=1549 1. No chavesinartarie ack Net gaei-AOC on denatr 12004=5250 b. 20a4 contibutions w 5900 ie 297" corerbctions i 5300 Q. 2084 actued ifturt on sher atsen =1+10 Pequived: 1. Cawiste berian expenie for 200 s and zog tetrent Calculate pension expense for 2024 and 2025. Aote: Amounts to be deducted should be indicated with a minus sigh. Do not round Intermediate calc answers in millions rounded to 1 decimal ploce (Le, 5,500,000 should be entered as 5,5). whinged as 55 ) Prepare the journal entries for 2024 and 2025 to record any gains and losses and new prior service cost. Note: Do not round intermediate calculations. If no entry is roguired for a transactionvevent, 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 ). Prepare the foumal entries for 2024 and 2025 to record (a) the cash contribution to plan assets and (b) the benefit payments to retires. Note: If no entry is required for a transactionvevent, select "No fournal entry required" in the first account field, Enter your answers in millions. (i.e., 10,000,000 should be entered as 10). The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2024 and 2025 are presented below ( $ in millions): Information Provided by Pension Plan Actuary: a. Projected benefit obligation as of December 31,2023=$2,000. b. Prior service cost from plan amendment on Jonuary 2, 2024 = $600 (straight-line amortization for 10 -year average remaining service period). c. Service cost for 2024=$560 d. Service cost for 2025 - $610. e. Discount rate used by actuary on projected benefit obligation for 2024 and 2025=10%. 1. Payments to retirees in 2024=$420. 9. Payments to retirees in 2025=$490. h. No changes in actuatial assumptions or estimates. 1. Net gain-AOCl on January 1,2024=$250. 1. Net gains and losses are amortized for 10 years in 2024 and 2025 . Information Provided by Pension Fund Trustee: a. Pian asset balance at fait value on January 1,2024=$1,500. b. 2024 contributions =$580. c. 2025 contributions =$630 d. Expected lang-term rate of return on plan assets =12%. e. 2024 actual return on plan assets =$130. f. 2025 actual return on plan assets =$180 Required: 1. Calculate pension expense for 2024 and 2025 2. Prepare the joumal entries for 2024 and 2025 to record pension expense. 3. Prepare the journal entries for 2024 and 2025 to record any gains and losses and now prior service cost. 4. Prepare the journal entries for 2024 and 2025 to record (b) the cash contribution to plan assets and (b) the benefit payments to ratirees Calculate pension expense for 2024 and 2025. Note: Amounts to be deducted should be indicated with a minus sign. Do not round i answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as Prepare the journal entries for 2024 and 2025 to record pension expense. Note: Do not round intermediate calculations. If no entry is required for a transaction/event, select "No fournal entr required in the first account field. Enter your answers in millions rounded to 1 decmal place (i,e,, 5,500, 000 shoule entered as 5.5 . . Prepare the joumal entries for 2024 and 2025 to record any gains and losses and new prior service cost. Note: Do not round intermediate calculations. If no entry is required for a transaction/event, select No fournal entr required 'In the first account field. Enter your answers in millions rounded to 1 decimal place ( (1.6,5,500,000 should entered as 5.5 )
