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: $4 million per year) |
$ | 28 | million |
Net loss—AOCI at Jan.1, 2021 (previous losses exceeded previous gains) | $ | 230 | million |
Average remaining service life of the active employee group | 10 | years | |
Actuary's discount rate | 7 | % | |
($ in millions) | Plan | |||||||||
PBO | Assets | |||||||||
Beginning of 2021 | $ | 900 | Beginning of 2021 | $ | 700 | |||||
Service cost | 68 | Return on plan assets, | ||||||||
8% (10% expected) | 56 | |||||||||
Interest cost, 7% | 63 | |||||||||
Loss (gain) on PBO | (18 | ) | Cash contributions | 105 | ||||||
Less: Retiree benefits | (39 | ) | Less: Retiree benefits | (39 | ) | |||||
End of 2021 | $ | 974 | End of 2021 | $ | 822 | |||||
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 cash contribution to plan assets and to
record retiree benefits.
Determine Douglas-Roberts's pension expense for 2021. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).)
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Prepare the appropriate journal entries to record the pension expense, to record any 2021 gains and losses, to record the cash contribution to plan assets and to record retiree benefits. (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).)
Journal entry worksheet
Note: Enter debits before credits.
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Actuary and trustee reports indicate the following changes in the PBO and plan assets of Douglas-Roberts...
Actuary and trustee reports indicate the following changes in the PBO and plan assets of Douglas-Roberts Industries during 2018: Prior service costat Jan. 1. 2018, from plan amendment at the beginning of 2015 (amortization$8 million per year) Net loss-AOCI at Jan.1, 2018 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate $ 40 million $118 million 10 years 5 ($ in millions) Pво Beginning of 2018 Service cost Plan Assets $ 660...
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