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Harrison Forklift's pension expense includes a service cost of $27 million. Harrison began the year with a pension liability of $47 million (underfunded pension plan). ($ in millions) 1. Interest cost, $8; expected return on assets, $21; amortization of net loss. $6. 2. Interest cost, $23; expected return on assets, $17; amortization of net gain. $6. 3. Interest cost, $23; expected return on assets, $17; amortization of net loss, $6; amortization of prior service cost, $7. 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 fleld. Enter your answers In millions (1.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet 1 2 3 Prepare the appropriate journal entry to record pension expense in situation 1. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal

Harrison Forklift's pension expense includes a service cost of $27 million. Harrison began the year with a pension liability of $47 million (underfunded pension plan). ($ in millions) 1. Interest cost, $8; expected return on assets, $21; amortization of net loss. $6. 2. Interest cost, $23; expected return on assets, $17; amortization of net gain. $6. 3. Interest cost, $23; expected return on assets, $17; amortization of net loss, $6; amortization of prior service cost, $7. 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 fleld. Enter your answers In millions (1.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet 1 2 3 Prepare the appropriate journal entry to record pension expense in situation 1. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Harrison Forklift's pension expense includes a service cost of $27 million. Harrison began the year with a pension liability of $47 million (underfunded pension plan). ($ in millions) 1. Interest cost, $8; expected return on assets, $21; amortization of net loss. $6. 2. Interest cost, $23; expected return on assets, $17; amortization of net gain, $6. 3. Interest cost, $23; expected return on assets. $17; amortization of net loss, $6; amortization of prior service cost, $7. 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 fleld. Enter your answers In millions (l.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet 1 2 3 Prepare the appropriate journal entry to record pension expense in situation 1. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
Transcribed Image Text:Harrison Forklift's pension expense includes a service cost of $27 million. Harrison began the year with a pension liability of $47 million (underfunded pension plan). ($ in millions) 1. Interest cost, $8; expected return on assets, $21; amortization of net loss. $6. 2. Interest cost, $23; expected return on assets, $17; amortization of net gain, $6. 3. Interest cost, $23; expected return on assets. $17; amortization of net loss, $6; amortization of prior service cost, $7. 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 fleld. Enter your answers In millions (l.e., 10,000,000 should be entered as 10). View transaction list Journal entry worksheet 1 2 3 Prepare the appropriate journal entry to record pension expense in situation 1. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
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