Harrison Forklift's pension expense includes a service cost of $24 million. Harrison began the year with a pension liability of $44 million (underfunded pension plan). ($ in millions) 1. Interest cost, $12; expected return on assets, $18; amortization of net loss, $5. 2. Interest cost, $20; expected return on assets, $15; amortization of net gain, $5. 3. Interest cost, $20; expected return on assets, $15; amortization of net loss, $5; amortization of prior service cost, $6. Required: Prepare the appropriate general journal entries to record Harrison's pension expense in each of the following independent situations regarding the other (non-service cost) components of pension expense. 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).

Harrison Forklift's pension expense includes a service cost of $24 million. Harrison began the year with a pension liability of $44 million (underfunded pension plan). ($ in millions) 1. Interest cost, $12; expected return on assets, $18; amortization of net loss, $5. 2. Interest cost, $20; expected return on assets, $15; amortization of net gain, $5. 3. Interest cost, $20; expected return on assets, $15; amortization of net loss, $5; amortization of prior service cost, $6. Required: Prepare the appropriate general journal entries to record Harrison's pension expense in each of the following independent situations regarding the other (non-service cost) components of pension expense. 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).

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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