4-a. Determine Lakeside's pension expense for 2025.4-b. Prepare the appropriate journal entries to record the expense, the cash funding of plan assets, and payment of benefits toretirees.Complete this question by entering your answers in the tabs below.Req 4AReq 4BX Answer is not complete.Determine Lakeside's pension expense for 2025.Note: Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).Pension expense 2025$46.5 x millionReq 4AReq 4B 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 of2022 (amortization: $4 million per year)Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains)Average remaining service life of the active employee groupActuary's discount rate($ in millions)Beginning of 2024Service costInterest cost, 8%Loss (gain) on PBOLess: Retiree benefitsEnd of 2024Beginning of 2025Service costPBO$ 30048Interest cost, 8%Loss (gain) on PBOLess: Retiree benefitsEnd of 202524(2)(20)$ 350PBO$ 35038285Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during2025:($ in millions)(16)Beginning of 2024Return on plan assets, 7.5% (10%expected)$ 405Cash contributionsLess: Retiree benefitsEnd of 2024Beginning of 2025Return on plan assets, 15% (10%expected)$ 32 million$ 40 million10 years8%Cash contributionsLess: Retiree benefitsEnd of 2025PlanAssets$ 2001545(20)$ 240PlanAssets$ 2403630(16)$ 290

Pension refers to the amount that is paid by the company or government to the person who stopped…

4-a. Determine Lakeside's pension expense for 2025. 4-b. Prepare the appropriate journal entries to record the expense, the cash funding of plan assets, and payment of benefits to retirees. Complete this question by entering your answers in the tabs below. Req 4A Req 4B X Answer is not complete. Determine Lakeside's pension expense for 2025. Note: Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). Pension expense 2025 $ 46.5 million < Req 4A Req 4B >

4-a. Determine Lakeside's pension expense for 2025. 4-b. Prepare the appropriate journal entries to record the expense, the cash funding of plan assets, and payment of benefits to retirees. Complete this question by entering your answers in the tabs below. Req 4A Req 4B X Answer is not complete. Determine Lakeside's pension expense for 2025. Note: Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). Pension expense 2025 $ 46.5 million < Req 4A Req 4B >

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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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: $4 million per year) Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2024 Service cost Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2024 Beginning of 2025 Service cost PBO $ 300 48 Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2025 24 (2) (20) $ 350 PBO $ 350 38 28 5 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2025: ($ in millions) (16) Beginning of 2024 Return on plan assets, 7.5% (10% expected) $ 405 Cash contributions Less: Retiree benefits End of 2024 Beginning of 2025 Return on plan assets, 15% (10% expected) $…
Exercise 11-10 (Algorithmic) (LO. 5) Myers, who is single, reports compensation income of $71,600 in 2022. He is an active participant in his employer's qualified retirement plan. Myers contributes $6,000 to a traditional IRA. Click here to access Exhibit 11.2 Phaseout of IRA Deduction of an Active Participant Do not round any division. If required, round your answer to the nearest dollar. of the $6,000 contribution, how much can Myers deduct?
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Problem 4: Pensions Davidson Company has a defined benefit plan with the following information for a recent period: Beginning Plan Assets Beginning PBO Beginning Prior Service Cost Service Cost Amortization of Prior Service Cost Contributions Paid to Plan Benefits Paid to Retirees Estimated Return on Assets Discount Rate $1,500,000 2,000,000 300,000 100,000 100,000 250,000 200,000 7.50% 10.00% Required Answer the following questions: What is the ending balance in the PBO?
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