U$.$S$.$ Metallurgical Incorporated reported the following balances in its financial statements and disclosure notes at December $31,2023.$

Plan assets

Projected benefit obligation

$$440,000$

$250,000$

U$.$S$.$M$.\text{'}$s actuary determined that $2024$ service cost is $$64,000.$ Both the expected and actual rate of return on plan assets are $10\%.$ The Interest $($discount$)$ rate is $6\%.$ U$.$S$.$M$.$ contributed $$124,000$ to the pension fund at the end of $2024,$ and retirees were pald $$48,000$ from plan assets.

Required:

What is the pension expense at the end of $2024?$

What is the projected benefit obligation at the end of $2024?$

What is the plan assets balance at the end of $2024?$

What is the net pension asset or net pension liability at the end of $2024?$

Prepare journal entries to record the $($a$)$ pension expense, $($b$)$ funding of plan assets, and $($c$)$ retiree benefit payments.

Complete this question by entering your answers in the tabs below.

Req $1$ to $4$

What is the pension expense at the end of $2024?$

What is the projected benefit obligation at the end of $2024?$

What is the plan assets balance at the end of $2024?$

What is the net pension asset or net pension liability at the end of $2024?$

Note: Enter your answers in thousands $($i$.$e$.,10,000$ should be entered as $10).$

Show less $4$

$\backslash$table$[[,$December $31,2024],[1.$ Pension expense,$$,35],[2.$ Projected benefit obligation,,$],[3.$ Plan assets,,$],[4.$ Net pension asset,,$]]$

U$.$S$.$ Metallurgical Incorporated reported the following balances In its financial statements and disclosure notes at December $31,2023.$

Plan assets

Projected benefit obligation

$$44,$

$250,900$

U$.$S$.$M$.\text{'}$s actuary determined that $2024$ service cost is $$64,000.$ Both the expected and actual rate of return on plan assets are $10\%.$ The Interest $($discount$)$ rate is $6\%$ U$.$S$.$M$.$ contributed $$124,000$ to the pension fund at the end of $2024,$ and retirees were pald $$48,000$ from plan assets.

Requlred:

What is the pension expense at the end of $2024?$

What is the projected benefit obligation at the end of $2024?$

What is the plan assets balance at the end of $2024?$

What is the net pension asset or net pension llability at the end of $2024?$

Prepare journal entrles to record the $($a$)$ pension expense, $($b$)$ funding of plan assets, and $($c$)$ retiree benefit payments.

Complete this question by entering your answers in the tabs below.

Req $1$ to $4$

Req $5$

Prepare journal entries to record the $($a$)$ pension expense, $($b$)$ funding of plan assets, and $($c$)$ retiree benefit payments, Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in thousands $($i$.$e$.,10,000$ should be entered as $10).$

View transaction list

View journal entry worksheet

$\backslash$table$[[$No$,$Transaction,General Journal,Debit,Credit$],[1,1,$Pension expense,,$],[,,$Plan assets,,$],[,,$PBO,,$],[,,,,],[2,2,$Plan assets,,$],[,,$Cash,,$],[,,,,]]$

U$.$S$.$ Metallurgical Incorporated reported the following balances in its financial statements and disclosure notes at December $31,2023.$

Plan assets

Projected benefit obligation

$$44,$

$25,$

U$.$S$.$M$.\text{'}$s actuary determined that $2024$ service cost is $$64,000.$ Both the expected and actual rate of return on plan assets are $10\%.$ The Interest $($discount$)$ rate is $6\%.$ U$.$S$.$M$.$ contributed $$124,000$ to the pension fund at the end of $2024,$ and retirees were paid $$48,000$ from plan assets.

Requlred:

What is the pension expense at the end of $2024?$

What is the projected benefit obligation at the end of $2024?$

What is the plan assets balance at the end of $2024?$

What is the net pension asset or net pension liability at the end of $2024?$

Prepare journal entrles to record the $($a$)$ pension expense, $($b$)$ funding of plan assets, and $($c$)$ retiree benefit payments.

Complete this question by entering your answers in the tabs below.

Req $5$

What is the pension expense at the end of $2024?$

What is the projected benefit obligation at the end of $2024?$

$3.$ What is the plan assets balance at the end of $2024?$

What is the net pension asset or net pension liability at the end of $2024?$

Note: Enter your answers in thousands $($i$.$e$,10,000$ should be entered as $10).$

$\backslash$table$[[,$December $31,2024],[1.$ Pension expense,$\backslash$table$[[5],[3]]],[2.$ Projected benefit obligation,$],[3.$ Plan assets,$1.],[4.$ Net pension asset,$]]$

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