Hello there,Need help with attached question. Thanks much! 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: $21 million per year)Net loss-AOCI at January 1, 2024 (previous losses exceeded previous gains)Average remaining service life of the active employee groupActuary's discount rate($ in millions)PBOBeginning of 2024Service costInterest cost, 7%Loss (gain) on PBOLess: Retiree benefitsEnd of 2924Req 1AReq 18 and 2to 4$ 2,30097161(31)(72)$ 2,455Complete this question by entering your answers in the tabs below.Pension expensePension ExpenseRequired: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 thecash contribution to plan assets and to record retiree benefits.$Plan AssetsBeginning of 2024Return on plan assets, 8% (10%expected)< Req 1ACash contributionsLess: Retiree benefitsEnd of 20240Determine Mahomes's pension expense for 2024.Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 shouldbe entered as 10).$ 147 million$930 million10 years7%$ 2,100168Req 1B and 2 to 4 >187(72)$ 2,303

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

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, 2824, from plan amendment at the beginning of 2821 (amortization: $21 million per year) Net loss-AOCI at January 1, 2824 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) PBO Beginning of 2024 Service cost Interest cost, 7% Loss (gain) on PBO Less: Retiree benefits. End of 2824 $ 2,300 97 161 (31) (72) $ 2,455 Plan Assets Beginning of 2824 Return on plan assets, 8% (10% expected) Cash contributions Less: Retiree benefits End of 2824 $ 147 million $ 938 million 10 years $ 2,100 168 187 (72) $ 2,303 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.