!Required information[The following information applies to the questions displayed below.]Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2024:Prior service cost at January 1, 2024, from plan amendment at the beginning of 2022(amortization: $6 million per year)Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains)Average remaining service life of the active employee groupActuary's discount rate($ in millions)Beginning of 2024Service costInterest cost, 10%Loss (gain) on PBOLess: Retiree benefitsEnd of 2024Beginning of 2025Service costPBO$ 34048Interest cost, 10%Loss (gain) on PBOLess: Retiree benefitsEnd of 202534(2)(30)$390Beginning of 2024Return on plan assets, 9.5% (10%expected)395(20)Cash contributionsLess: Retiree benefitsEnd of 2024Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during2025:($ in millions)PBO$390 Beginning of 202542$ 456Return on plan assets, 16 % (10%expected)$36 million$ 64 million10 years10%Cash contributionsLess: Retiree benefitsEnd of 2025Plan Assets$2001961(30)$250Plan Assets$ 2504034(20)$ 3042. Determine the new gains and/or losses in 2024 and prepare the appropriate journal entry(s) to record them.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answersin millions (i.e., 10,000,000 should be entered as 10).

Name: !Required information[The following information applies to the questi
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Description: !Required information[The following information applies to the questions displayed below.]Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2024:Prior service cost at January 1, 2024, from

Loss on Plan Assets=Actual Return-Expected Return Actual Return =19 Expected Return =…

Business

Accounting

2. Determine the new gains and/or losses in 2024 and prepare the appropriate journal entry(s) to record them. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).

2. Determine the new gains and/or losses in 2024 and prepare the appropriate journal entry(s) to record them. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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