Based upon this information, how would I make the following journal entries? Record annual pension expense. Record the change in plan assets. Record the change in the PBO. Record the cash contribution to plan assets. Record the retiree benefits paid
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Based upon this information, how would I make the following
- Record annual pension expense.
- Record the change in plan assets.
- Record the change in the PBO.
- Record the cash contribution to plan assets.
- Record the retiree benefits paid.
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- Actuary and trustee reports indicate the following changes in the PBO and plan assets of Mahomes Industries during 2024 : Prior service cost at January 1, 2024, from plan amendment at the beginning of 2021 (amortization: $8 million per year) Net loss-AOCI at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate $56 million $280 million 10 vears 7% \table[[\table[[($ in millions)],[PBO]],,Plan Assets,],[Beginning of 2024,$1,000,Beginning of 2024,$800Actuary and trustee reports indicate the following changes in the PBO and plan assets of Douglas-Roberts Industries during 2021: Prior service cost at Jan. 1, 2021, from plan amendment at thebeginning of 2018 (amortization: $5 million per year) $ 35 million Net loss—AOCI at Jan.1, 2021 (previous losses exceeded previous gains) $ 180 million Average remaining service life of the active employee group 10 years Actuary's discount rate 7 % ($ in millions) Plan PBO Assets Beginning of 2021 $ 800 Beginning of 2021 $ 600 Service cost 58 Return on plan assets, 8% (10% expected) 48 Interest cost, 7% 56 Loss (gain) on PBO (13 ) Cash contributions 100 Less: Retiree benefits (34 ) Less: Retiree benefits (34 ) End of 2021 $ 867 End of 2021 $ 714 Required:1-a. Determine Douglas-Roberts's pension expense for 2021.1-b, 2. to 4. Prepare the…Actuary and trustee reports indicate the following changes in the PBO and plan assets of Douglas-Roberts Industries during 2021: Prior service cost at Jan. 1, 2021, from plan amendment at the beginning of 2018 (amortization: $2 million per year) $ 14 million Net loss-AOCI at Jan.1, 2021 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate $210 million 10 years 7% ($ in millions) Plan Assets PBO $ 700 Beginning of 2021 Service cost 64 Beginning of 2021 Return on plan assets, 8% (10% expected) Interest cost, 7% 49 (16) Cash contributions Loss (gain) on PBO Less: Retiree benefits (37) Less: Retiree benefits End of 2021 $ 760 End of 2021 $ 606 Required: 1-a. Determine Douglas-Roberts's pension expense for 2021. 1-b, 2. to 4. Prepare the appropriate journal entries to record the pension expense, to record any 2021 gains and losses, to record the cash contribution to plan assets and to record retiree benefits. $ 500 40…
- Actuary and trustee reports indicate the following changes in the PBO and plan assets of Douglas-Roberts Industries during 2021. Prior service cost at Jan. 1, 2021, from plan amendment at the $21 million beginning of 2018 (amortization: $3 million per year) Net loss –ADCI at Jan. 1, 2021 (previous losses exceeded previous gains) $220 million Average remaining service life of the active employee group 10 years Actuary’s discount rate 7% ($ in millions) Plan PBO Assets Beginning of 2021 $800…Actuary and trustee reports indicate the following changes in the PBO and plan assets of Douglas-Roberts Industries during 2021: Prior service cost at Jan. 1, 2021, from plan amendment at the beginning of 2018 (amortization: $4 million per year) $ 28 million Net loss—AOCI at Jan. 1, 2021 (previous losses exceeded previous gains) $ 80 million Average remaining service life of the active employee group 10 years Actuary's discount rate 7 % ($ in millions) Plan PBO Assets Beginning of 2021 $ 600 Beginning of 2021 $ 400 Service cost 80 Return on plan assets, 8% (10% expected) 32 Interest cost, 7% 42 Loss (gain) on PBO (14 ) Cash contributions 90 Less: Retiree benefits (38 ) Less: Retiree benefits (38 ) End of 2021 $ 670 End of 2021 $ 484 Required:1-a. Determine Douglas-Roberts's pension expense for 2021.1-b, 2. to 4. Prepare the…Actuary and trustee reports indicate the following changes in the PBO and plan assets of Douglas-Roberts industries during 2021: Prior service cost at Jan. 1, 2021, from plan amendment at the Beginning of 2018 (amortization: $6 million per year) $ 42 million Net loss—AOCI at Jan.1, 2021 (previous losses exceeded previous gains) $130 million Average remaining service life of the active employee group 10 years Actuary’s discount rate 7% ($ in millions) Plan PRO…
- Actuary and trustee reports indicate the following changes in the PBO and plan assets of Mahomes Industries during 2024: Prior service cost at January 1, 2024, from plan amendment at the beginning of 2021 (amortization: $7 million per year) Net loss-AOCI at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) PBO Beginning of 2024 Service cost Interest cost, 7% Loss (gain) on PBO Less: Retiree benefits End of 2024 Req 1A Req 1B and 2 to 4 $ 900 83 63 (17) (44) $ 985 Plan Assets Complete this question by entering your answers in the tabs below. Pension expense Beginning of 2024 Return on plan assets, 8% (10% expected) Pension Expense Cash contributions Less: Retiree benefits End of 2024 Required: 1-a. Determine Mahomes's pension expense for 2024. 1-b, 2. to 4. Prepare the appropriate journal entries to record the pension expense, to record any 2024 gains and losses, to record the…Actuary and trustee reports indicate the following changes in the PBO and plan assets of Mahomes Industries during 2024: Prior service cost at January 1, 2024, from plan amendment at the beginning of 2021 (amortization: $16 million per year) $ 112 million Net loss—AOCI at January 1, 2024 (previous losses exceeded previous gains) $ 680 million Average remaining service life of the active employee group 10 years Actuary's discount rate 7% ($ in millions) PBO Plan Assets Beginning of 2024 $ 1,800 Beginning of 2024 $ 1,600 Service cost 92 Return on plan assets, 8% (10% expected) 128 Interest cost, 7% 126 Loss (gain) on PBO (26) Cash contributions 102 Less: Retiree benefits (62) Less: Retiree benefits (62) End of 2024 $ 1,930 End of 2024 $ 1,768 1-a. Determine Mahomes's pension expense for 2024. 1-b, 2. to 4. Prepare the appropriate journal entries to record the pension expense, to record any 2024 gains and losses, to record the cash contribution to…Actuary and trustee reports indicate the following changes in the PBO and plan assets of Mahomes Industries during 2024: Prior service cost at January 1, 2024, from plan amendment at the beginning of 2021 (amortization: $5 million per year) Net loss-AOCI at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) PBO Beginning of 2024 Service cost Interest cost, 7% Loss (gain) on PBO Less: Retiree benefits End of 2024 Req 1A Req 1B and 2 to 4 Complete this question by entering your answers in the tabs below. Pension Expense Service cost Interest cost Expected return on the plan assets Amortization of prior service cost Amortization of net loss Pension expense $ 700 81 49 (15) (40) $ 775 $ Required: 1-a. Determine Mahomes's pension expense for 2024. 1-b, 2. to 4. Prepare the appropriate journal entries to record the pension expense, to record any 2024 gains and losses, to record the cash…
- Actuary and trustee reports indicate the following changes in the PBO and plan assets of Mahomes Industries during 2024: Prior service cost at January 1, 2024, from plan amendment at the beginning of 2021 (amortization: $12 million per year) Net loss-AOCI at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) PBO Beginning of 2024 Service cost Interest cost, 7% Loss (gain) on PBO Less: Retiree benefits End of 2024 Plan Assets Beginning of 2024 $ 1,400 88 Return on plan assets, 8% (10% expected) 98 (22) Cash contributions (54) Less: Retiree benefits $ 1,510 End of 2024 $ 84 million $ 480 million 10 years 7% $ 1,200 96 98 (54) $ 1,340 Required: 1-a. Determine Mahomes's pension expense for 2024. 1-b, 2. to 4. Prepare the appropriate journal entries to record the pension expense, to record any 2024 gains and losses, to record the cash contribution to plan assets and to record retiree…Actuary and trustee reports indicate the following changes in the PBO and plan assets of Mahomes Industries during 2024: Prior service cost at January 1, 2024, from plan amendment at the beginning of 2021 (amortization: $18 million per year) Net loss-AOCI at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) РВО Beginning of 2024 Service cost Interest cost, 7% Loss (gain) on PBO Less: Retiree benefits End of 2024 $ 2,000 94 140 (28) (66) $ 2,140 Plan Assets Beginning of 2024 Return on plan assets, 8% (10% expected) Cash contributions Less: Retiree benefits End of 2024 $ 126 million $780 million 10 years 7% $1,800 144 104 (66) $ 1,982 Required: 1-a. Determine Mahomes's pension expense for 2024. 1-b, 2. to 4. Prepare the appropriate journal entries to record the pension expense, to record any 2024 gains and losses, to record the cash contribution to plan assets and to record retiree…Actuary and trustee reports indicate the following changes in the PBO and plan assets of Douglas-Roberts Industries during 2021: Prior service cost at Jan. 1, 2021, from plan amendment at the beginning of 2018 (amortization: $5 million per year) Net loss-AOCI at Jan.1, 2021 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2821 Service cost Interest cost, 7% Loss (gain) on PBO Less: Retiree benefits End of 2021 PBO Req 1A $ 800 58 Req 18 and 2 to 4 56 (13) (34) Pension expense $ 867 Plan Assets Beginning of 2021. Return on plan assets, 8% (10% expected) Complete this question by entering your answers in the tabs below. Cash contributions Less: Retiree benefits End of 2021 $ 600 Required: 1-a. Determine Douglas-Roberts's pension expense for 2021. 1-b, 2. to 4. Prepare the appropriate Journal entries to record the pension expense, to record any 2021 gains and losses, to record the…