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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 2018 Prior service cost at Jan. 1. 2018, from plan amendment at the beginning of 2016 (amortization: $5 million per year) Net 10spensions at Jan. 2018 previous looses exceeded previous gaina) Average remaining service life of the active employee group Actuary's discount rate $39 million $47 million 10 years 101 ($ in millions) Plan Assets $200 Beginning of 2018 Service cost Interest cost, 10% Loss gain) on PBO Less: Retiree benefits End of 2018 P $370 Beginning of 2018 49 Return on plan assets 37 9.5% (10% expected) (3) Cash contributions (33) Less: Retiree benefits $420 End of 2018 (33) $250 Required: I-a. Determine Lakeside's pension expense for 2018. (Enter your answers in millions (ie., 10,000,000 should be entered 3s 10).) Pension expense 2018 million I-b. Prepare the appropriate journal entries to record the expense as well as the cash contribution to plan assets and payment of benefits to retirees? (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in millions (.e., 10,000,000 should be entered as 10).) View transaction list 1 Record the pension expense. 2 Record funding to plan assets. 3 Record the payment of benefit to retirees. Credit 2. Determine the new gains and/or losses in 2018 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 (ie., 10,000,000 should be entered as 10).) View transaction list 1 Record the losses. 2 Record the gains. 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 2018 Prior service cost at Jan. 1. 2018, from plan amendment at the beginning of 2016 (amortization: $5 million per year) Net 10spensions at Jan. 2018 previous looses exceeded previous gaina) Average remaining service life of the active employee group Actuary's discount rate $39 million $47 million 10 years 101 ($ in millions) Plan Assets $200 Beginning of 2018 Service cost Interest cost, 10% Loss gain) on PBO Less: Retiree benefits End of 2018 P $370 Beginning of 2018 49 Return on plan assets 37 9.5% (10% expected) (3) Cash contributions (33) Less: Retiree benefits $420 End of 2018 (33) $250 Required: I-a. Determine Lakeside's pension expense for 2018. (Enter your answers in millions (ie., 10,000,000 should be entered 3s 10).) Pension expense 2018 million I-b. Prepare the appropriate journal entries to record the expense as well as the cash contribution to plan assets and payment of benefits to retirees? (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in millions (.e., 10,000,000 should be entered as 10).) View transaction list 1 Record the pension expense. 2 Record funding to plan assets. 3 Record the payment of benefit to retirees. Credit 2. Determine the new gains and/or losses in 2018 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 (ie., 10,000,000 should be entered as 10).) View transaction list 1 Record the losses. 2 Record the gains Step by Step Solution
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