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: $7 million per year) Net loss-AOCI at January 1, 2824 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) PBO Beginning of 2924 Service cost Interest cost, 7% Loss (gain) on PBO Less: Retiree benefits End of 2024 Req 14 $ 900 83 63 (17) (44) $ 985 Req 1B and 21 to 4 Plan Assets Beginning of 2024 Pension expense 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 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 cash contribution to plan assets and to record retiree benefits. $ 49 million $ 230 million 10 years 7% $700 56 93 (44) $ 805 Determine Mahomes's pension expense for 2024. Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Pension Expense

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.