To focus on the core issues, we ignored the income tax effects of the pension amounts. Reproduced below are the journal entries that Global Communications used to record its pension expense and funding in 2021 and the new gain and loss that occurred that year.

	($ in millions)
To Record Pension Expense
Pension expense (total)	50
Plan assets (expected return on plan assets)	32
PBO ($48 service cost + $29 interest cost)		77
Amortization of prior service costOCI (2021 amortization)		2
Amortization of net lossOCI (2021 amortization)		3
To Record Funding
Plan assets	55
Cash (contribution to plan assets)		55
To Record Payment of Benefits
PBO	49
Plan assets (retiree benefits)		49
To Record Gains and Losses
LossOCI (from change in assumption)	30
PBO		30
Plan assets	4
GainOCI (from actual return exceeding expected return)		4

Required: 1. Recast these journal entries to include the income tax effects of the events being recorded. Assume that Globals tax rate is 25%. [Hint: Costs are incurred and recognized for financial reporting purposes now, but the tax impact comes much laterwhen these amounts are deducted for tax purposes as actual payments for retiree benefits occur in the future. As a result, the tax effects are deferred, creating the need to record deferred tax assets and deferred tax liabilities.] 2. Prepare a statement of comprehensive income for 2021, assuming Global's only other sources of comprehensive income were net income of $410 million and a $40 million unrealized holding gain on investments in securities available for sale.