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Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2024 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit Obligation Balance, January 1, 2024 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2024 Pension benefits paid Balance, December 31, 2024 Plan Assets Balance, January 1, 2024 Actual return on plan assets (Expected return on plan assets, $39) Cash contributions Pension benefits paid Balance, December 31, 2024 January 1, 2024, balances: Pension asset ($ in millions) $ 500 34 Prior service cost-AOCI (amortization $6 per year) Net gain-AOCI (any amortization over 10 years) 75 (24) $ 585 Required: 1. to 3. Prepare the journal entries required for the pension during 2024. ($ in millions) $ 480 50 24 (8) (24) $ 522 ($ in millions) $ 20 42 90

Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2024 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit Obligation Balance, January 1, 2024 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2024 Pension benefits paid Balance, December 31, 2024 Plan Assets Balance, January 1, 2024 Actual return on plan assets (Expected return on plan assets, $39) Cash contributions Pension benefits paid Balance, December 31, 2024 January 1, 2024, balances: Pension asset ($ in millions) $ 500 34 Prior service cost-AOCI (amortization $6 per year) Net gain-AOCI (any amortization over 10 years) 75 (24) $ 585 Required: 1. to 3. Prepare the journal entries required for the pension during 2024. ($ in millions) $ 480 50 24 (8) (24) $ 522 ($ in millions) $ 20 42 90

FINANCIAL ACCOUNTING
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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Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2024 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit Obligation Balance, January 1, 2024 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2024 Pension benefits paid Balance, December 31, 2024 Plan Assets Balance, January 1, 2024 Actual return on plan assets (Expected return on plan assets, $39) Cash contributions Pension benefits paid Balance, December 31, 2024 January 1, 2024, balances: Pension asset ($ in millions) $ 500 34 Prior service cost-AOCI (amortization $6 per year) Net gain-AOCI (any amortization over 10 years) 75 (24) $ 585 Required: 1. to 3. Prepare the journal entries required for the pension during 2024. ($ in millions) $ 480 50 24 (8) (24) $ 522 ($ in millions) $ 20 42 90
Transcribed Image Text:Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2024 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit Obligation Balance, January 1, 2024 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2024 Pension benefits paid Balance, December 31, 2024 Plan Assets Balance, January 1, 2024 Actual return on plan assets (Expected return on plan assets, $39) Cash contributions Pension benefits paid Balance, December 31, 2024 January 1, 2024, balances: Pension asset ($ in millions) $ 500 34 Prior service cost-AOCI (amortization $6 per year) Net gain-AOCI (any amortization over 10 years) 75 (24) $ 585 Required: 1. to 3. Prepare the journal entries required for the pension during 2024. ($ in millions) $ 480 50 24 (8) (24) $ 522 ($ in millions) $ 20 42 90
Prepare the journal entries required for the pension during 2024. 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). No 1 2 3 4 LO 5 Event 1 2 3 4 5 Pension expense Plan assets Amortization of net gain - OCI Amortization of Prior Service Cost - OCI PBO PBO Gain - OCI Loss - OCI Plan assets Plan assets Cash PBO General Journal Plan assets Debit 39 4 8 5 75 24 Credit 6 8 5 75 24
Transcribed Image Text:Prepare the journal entries required for the pension during 2024. 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). No 1 2 3 4 LO 5 Event 1 2 3 4 5 Pension expense Plan assets Amortization of net gain - OCI Amortization of Prior Service Cost - OCI PBO PBO Gain - OCI Loss - OCI Plan assets Plan assets Cash PBO General Journal Plan assets Debit 39 4 8 5 75 24 Credit 6 8 5 75 24
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