A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Incorporated's defined benefit pension plan follows. Six years earlier, Carney revised its pension formula and recalculated benefits earned by employees in prior years using the more generous formula. The prior service cost created by the recalculation is being amortized at the rate of $ million per year. At the end of the pension formula was amended again, creating an additional prior service cost of $ million. The expected rate of return on assets and the actuary's discount rate were and the average remaining service life of the active employee group is years.
Required:
Fill in the missing amounts.
Prepare the journal entry to record pension expense.
Prepare the journal entrys to record any gains and losses and new prior service cost in
Prepare the journal entries to record a the cash contribution to plan assets and b the payment of retiree benefits.
Complete this question by entering your answers in the tabs below.
Fill in the missing amounts.
Note: Enter your answers in millions ie should be entered as Enter credit amounts with a minus sign and debit amounts with a positive sign.
