Turner Inc. provides a defined benefit pension plan to its employees. The company has 150 employees. The remaining amortization period at December 31, 20X0, for prior service cost is 5 years. The average remaining service life of employees is 11 years at January 1, 20X1, and 10 years at December 31, 20X1. The AOCInet actuarial (gain) loss was zero at December 31, 20X0. Turner smooths recognition of its gains and losses when computing its market-related value to compute expected return.

5. Prepare the companys required pension journal entries for 20X1.

6. Compute the 20X1 increase/decrease in AOCInet actuarial (gain) loss and the amount to be amortized in 20X1 and 20X2.

7. Confirm that the pension asset (liability) on the balance sheet equals the funded status as of December 31, 20X1.