Please do not give solution in image format ? And Fast answering please and explain proper steps by Step. Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Caule uuriy2025($ in millions)Beginning of 2025Service costInterest cost, 10%Loss (gain) on PBOLess: Retiree benefitsEnd of 2025Show Transcribed Text($ in millions)Balance, January 1, 2024Service costInterest cost, 10%Expected return on assetsLoss on assetsAmortization ofPrior service cost-AOCINet loss-AOCIPBO$ 42045Gain or Loss on PBOCash contributionsRetiree benefitsBalance, December 31, 202442PBO5(23)$ 409Beginning of 2025Return on plan assets, 16% (10xexpected)3. Prepare a pension spreadsheet to assist you in determining end of 2024 balances in the PBO, plan assets, prior service cost-AOCIthe net loss-AOCI, and the pension liabilityNote: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Enter credit amounts with a minus sign and debitamounts with a positive sign.Cash contributionsLess: Retiree benefits.End of 2025SRequired informationNote: Enter your answers in mimmons (.e., 10,000,000 snouia de enterea as 10). Enter creart amounts with a minus sign and deditamounts with a positive sign.ĆPrior Service Net Loss-AOCIPlan Assets Cost-AOCIPlan Assets$ 2504037(23)PensionExpense$ 304CashNet Pension(Liability) orAsset [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: $5 million per year)Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains)Average remaining service life of the active employee groupActuary's discount rate($ in millions)Beginning of 2024Service costInterest10%Loss (gain) on PBOLess: Retiree benefits.End of 2024($ in millions)PBO$ 3704937(3)(03)$ 420Beginning of 2024Return on plan assets, 9.5% (10%expected)Cash contributionsLess: Retiree benefitsEnd of 2024$39 million$ 47 million10 years:10%Plan Assets$2001964(33)$250Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during2025;

The current value of all anticipated future benefits payable in pension is called as pension benefit…

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: $5 million per year) Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2024 Service cost Interest cost, 10% Loss (gain) on PBO Less: Retiree benefits End of 2024 ($ in millions) PBO $ 370 49 37 (3) (33) $ 420 Beginning of 2024 Return on plan assets, 9.5% (10% expected) Cash contributions Less: Retiree benefits End of 2024 $39 million $ 47 million 10 years. 10% Plan Assets $200 19 64 (33) $250 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during. 2025

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: $5 million per year) Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2024 Service cost Interest cost, 10% Loss (gain) on PBO Less: Retiree benefits End of 2024 ($ in millions) PBO $ 370 49 37 (3) (33) $ 420 Beginning of 2024 Return on plan assets, 9.5% (10% expected) Cash contributions Less: Retiree benefits End of 2024 $39 million $ 47 million 10 years. 10% Plan Assets $200 19 64 (33) $250 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during. 2025

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 7E

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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 (16) Beginning of 2024 Return on plan assets, 7.5% (10% expected) $ 405 Cash contributions Less: Retiree benefits End of 2024 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2025: ($ in millions) Beginning of 2025 Return on plan assets, 15% (10%) expected)…
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) $…
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: $7 million per year) Net loss-AOCI at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ 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: $5 million per year) Net loss-AOCI at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ 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: $18 million per year) Net loss-AOCI at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ 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 Mahomes Industries during 2024: Prior service cost at January 1, 2024, from plan amendment at the beginning of 2021 (amortization: $20 million per year) Net loss-AOCI at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) РВО Beginning of 2024 Service cost Interest cost, 7% Loss (gain) on PBO Less: Retiree benefits End of 2024 Required: Plan Assets Beginning of 2024 $ 2,200 96 Return on plan assets, 8% (10% expected) 154 (38) Cash contributions (78) Less: Retiree benefits $ 2,350 End of 2024 1-a. Determine Mahomes's pension expense for 2024. $ 140 million $ 880 million 10 years 7% $ 2,000 160 106 (78) $ 2,196 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…
ces 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: $23 million per year) Net loss-AOCI at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) PBO Beginning of 2024 Service cost Interest cost, 7% Loss (gain) on PBO Less: Retiree benefits End of 2024 Req 1A Req 18 and 2 to 4 $2,500 99 175 (33) (76) $ 2,665 Pension expense 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) Cash contributions Less: Retiree benefits End of 2024 Required: 1-8. 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…
! 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: $6 million per year) Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2024 Service cost Interest cost, 10% Loss (gain) on PBO Less: Retiree benefits End of 2024 Beginning of 2025 Service cost PBO $ 340 48 Interest cost, 10% Loss (gain) on PBO Less: Retiree benefits End of 2025 34 (2) (30) $390 Beginning of 2024 Return on plan assets, 9.5% (10% expected) 39 5 (20) Cash contributions Less: Retiree benefits End of 2024 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2025: ($…
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…
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,$800
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…