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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Pina Co. has the following defined benefit pension plan balances on January 1, 2020. Projected benefit obligation $4,576,000 Fair value of plan assets 4,576,000 The interest (settlement) rate applicable to the plan is 10%. On January 1, 2021, the company amends its pension agreement so that prior service costs of $604,000 are created. Other data related to the pension plan are: 2020 2021 Service cost $149,000 $170,000 Prior service cost amortization 90,000 Contributions (funding) to the plan 198,000 184,000 Benefits paid 220,000 282,000 Actual return on plan assets 255,000 352,000 Expected rate of return on assets 6 % 8 %
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TB Problem 17-186 (Static) The following is an incomplete... The following is an incomplete pension spreadsheet for the current year for Sparky Corporation. Required: 1. Complete the pension spreadsheet. 2. Prepare the journal entries to record pension expense and funding of plan assets for the year. 3. Prepare the journal entry(ies) to record any gains or losses for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Complete the pension spreadsheet. ($ in millions) debit (credit) PBO Plan Assets Prior Service Cost Net(Gain)Los8 Pension Expense Net Pension Cash Beginning balance 450 60 55 (Liability) or Asset (10) Service cost (85) Interest cost (45) Expected return on assets 55 (Gain) or loss on assets Amortization of: Prior service cost Net (gain) or loss Loss on PBO Contributions to fund Retiree benefits paid Ending balance (32) 40 (562) 3 (1) 54 89
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The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ in millions)Debit(Credit)PBO Plan Assets Prior Service Cost Net(Gain)/Loss Pension Expense Cash Net Pension (Liability)/Asset Beginning balance (740) 32 (94) Service cost 66 Interest cost 37 Expected return on assets 72 Gain/loss on assets (4) Amortization of: Prior service cost (10) Net gain/loss 5 Loss on PBO (12) Contributions to fund (49) Retiree benefits paid (69) Ending balance 745 (85) What was the net pension asset/liability reported in the balance sheet at the end of the year? Multiple Choice Net pension liability of $41 million. Net pension asset of $58 million. Net pension…
Please provide proper tables for each requirement. For the spreadhseet as well as the journal entries so it is easy to understand. Tables with titles and calculations and accounts etc.
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) $…
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