The Kohler company has a defined benefit pension plan. Pension information concerning the fiscal year 2024 and 2025 are presented below ($ in millions):

Information provided by pension plan actuary:

a. Projected benefit obligation as of December 31, 2023 equals $1700.

b. Prior service cost from plan amendment on January 2, 2024 equals $500 (straight line amortization for 10 year average remaining service)

c. Service cost for 2024 = $540

d. Service cost for 2025 = $590

e. Discount rate used by actuary on projected benefit obligation for 2024 and 2025 equals 10%.

f. Payments to retirees in 2024 equals $400.

g. Payments to retirees in 2025 = $470

h. No changes in actuarial assumptions or estimates.

i. Net gain AOCI on January 1, 2024 equals $240.

j. Net gains and losses are amortized for 10 years in 2024 and 2025.

Information provided by pension fund trustee:

a. Plan asset balance at fair value on January 1, 2024 equals $1300.

b. 2024 contributions =$560.

c. 2025 contributions = $610.

d. Expected long-term rate of return on plan asset equals 12%.

e. 2024 actual return on plan assets equals $110.

f. 2025 actual return on plant assets = $160.

Required:

1. Calculate pension expense for 2024 and 2025.

2. Prepare the journal entries for 2024, in 2025 to record pension expense.

3. Prepare the journal entries for 2024, in 2025 to record any gains and losses and new prior service cost.

4. Prepare the journal entries for 2024 and 2025 to record (a)the cash contribution to plan assets and (b) the benefit payment to retirees.

Complete this question by entering your answers in the tabs below. Drepare the foumal entries for 2024 and 2025 to record pension exporsto. entered as 5,5 ) Complete this question by entering your answers in the tabs below. Prepare the journal entries for 2024 and 2025 to record (a) the cash contribution to plan assets and (b) the benefit payments to retirees. Note: If no entry is required for a transaction/event, select "No journal entry tequired" in the first account field. Enter your answers in millions. (1.e., 10,000,000 should be entered as 10) Complete this question by entering your answers in the tabs below. Prepare the joumal entries for 2024 and 2025 to record any gains and losses and new prior service cost. Note: Do not round intermedlate calculations. If no entry is required for a transaction/event, select "No journat entry. requiled in the first account field. Enter your answers in millions rounded to 1 decimal place (1.e.. 5,500,000 ahould be entered as 5:5). Information Provided by Pension Fund Trustee a. Pian asset balance at fair value on January 1,2024=$1,300 b. 2024 contributions =$560 c. 2025 contributions =$610. d. Expected long-term rate of return on plan assets =12%. e. 2024 actual return on plan assets =$110 t 2025 actual retum on plan assets =$160 Required: 1. Calculate pension expense for 2024 and 2025 2. Prepare the journal 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 new prior service cost. 4. Prepare the joumal entries for 2024 and 2025 to record (a) the cash contribution to plan assets and (b) the benefit payments to retirees Complete this question by entering your answers in the tabs below. Calculate pension expense for 2024 and 2025 . Note: Amounts to be deducted should be indicated with a minus sign. Do not round intermediate calculationis, Eniter your answers in militions rounded to 1 decimal place ( 1.e4,5,500,000 rhould be entered as 5.5 ). The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years 2024 and 2025 ate presented below ( $ in millions) Infocmation Provided by Pension Plan Actwory a. Projected benefit oblipation as of December 31,2023=51,700 b. Prior service cost from plan amendmient on January 2, 2024 i \$500 istraight line amoctization for to-ycar average iemaining service period) c Service cost for 2024=$540 : d. Service cost for 2025=$590 c. Discount rate used by actuary on projected benefit obilgation for 2024 and 2025=10% 1. Poyments to reticees in 2024=$400 9 Payments to retirees in 2025=$470 h No changes in actuanal assumptions or estimates i. Net gain-AOCI on January 1,2024=$240 1 Net gains and losses dre amortized for 10 years in 2024 ond 2025 Intormation Provided by Pension Fund Trustee a. Plan asset balance of fait value on January 1, 2024 =\$1300 b. 2024 contributions -5560 . C. 2025 contributions =$610 d. Expected ipna-term rate of retum on plan assess =122