[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 2021:

Prior service cost at Jan. 1, 2021, from plan amendment at the beginning of 2019 (amortization: $5 million per year)	$	34	million
Net loss-pensions at Jan.1, 2021 (previous losses exceeded previous gains)	$	55	million
Average remaining service life of the active employee group		10	years
Actuarys discount rate		8	%

($ in millions)

	PBO				Plan Assets
Beginning of 2021	$	350		Beginning of 2021		$	200
Service cost		47		Return on plan assets,
Interest cost, 8%		28		7.0% (10% expected)			14
Loss (gain) on PBO		(2	)	Cash contributions			59
Less: Retiree benefits		(23	)	Less: Retiree benefits			(23	)
End of 2021	$	400		End of 2021		$	250

Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2022: ($ in millions)

	PBO				Plan Assets
Beginning of 2022	$	400		Beginning of 2022		$	250
Service cost		40		Return on plan assets,
Interest cost, 8%		32		12% (10% expected)			30
Loss (gain) on PBO		5		Cash contributions			32
Less: Retiree benefits		(18	)	Less: Retiree benefits			(18	)
End of 2022	$	459		End of 2022		$	294

Problem 17-16 (Algo) Part 2

2. Determine the new gains and/or losses in 2021 and prepare the appropriate journal entry(s) to record them. (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).)