The Koller Company has a defined benefit pension plan, Pension information concerning the fiscal years 2021 and 2022 are presented below ($ in millions) Information Provided by Pension Plan Actuary: a. Projected benefit obligation as of December 31, 2020 - $1,850 b. Prior service cost from plan amendment on January 2, 2021 = $550 (straight-line amortization for 10 year average remaining service period) c. Service cost for 2021 = $550 d Service cost for 2022= $600. e Discount rate used by actuary on projected benefit obligation for 2021 and 2022 = 10% 1 Payments to retirees in 2021 - $410. g. Payments to retirees in 2022 $480. h. No changes in actuarial assumptions or estimates. 1. Net gain-AOCI on January 1, 2021 = $245. J. Net gains and losses are amortized for 10 years in 2021 and 2022 Information Provided by Pension Fund Trustee: a. Plan asset balance at fair value on January 1, 2021 = $1,400. b 2021 contributions = $570. c. 2022 contributions - $620. d. Expected long-term rate of return on plan assets = 12%. e. 2021 actual return on plan assets = $120. f. 2022 actual return on plan assets = $170. Required: 1. Calculate pension expense for 2021 and 2022 2. Prepare the journal entries for 2021 and 2022 to record pension expense. 3. Prepare the journal entries for 2021 and 2022 to record any gains and losses and new prior service cost. 4. Prepare the journal entries for 2021 and 2022 to record (a) the cash contribution to plan assets and (b) the benefit payments to retirees. Required: 1. Calculate pension expense for 2021 and 2022 2. Prepare the journal entries for 2021 and 2022 to record pension expense. 3. Prepare the journal entries for 2021 and 2022 to record any gains and losses and new prior service cost. 4. Prepare the journal entries for 2021 and 2022 to record(a) the cash contribution to plan assets and (b) the benefit payments to refrees Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Required 4 Calculate pension expense for 2021 and 2022. (Do not round intermediate calculations. Enter your answers in millions rounded to 1 decimal place (1.0., 5,500,000 should be entered as 5.5).) (5 millions) 2021 Pension expense Required 2 > Required 1 Required 2 Required 3 Required 4 Prepare the journal entries for 2021 and 2022 to record pension expense. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in millions rounded to 1 decimal place (le, 5,500,000 should be entered as 5:5).) View transaction list View journal entry worksheet No Year Dobit Credit 1 2021 General Journal Pension expense Plan assets Amortization of net gain OCI Amortization of prior service cost-OCI 550 2 2022 Pension gaponse Plan asude PBO Amortization of prior service cost-OCI 55.0 Required 1 Required 3 > View transaction list View journal entry worksheet NO Year General Journal Debit Credit 1 2021 Loss OCI Plan assets 2 2021 550.0 Prior service cost-OCI PBO 550.0 3 2022 Loss-OCI Plan assets
