Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2024 are...
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Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2024 are as follows: The expected long-term rate of return on plan assets was 10%. There were no AOCI balances related to pensions on January 1,2024 , but at the end of 2024, the company amended the pension formulo, creoting a prior service cost of $11 million. Required: 1. Calculote the pension expense for 2024 2. Prepare the journal entries to record (a) pension expense, (b) gains or losses, (c) prior service cost. (d) funding, and (e) payment of benefits for 2024 3. What amount will Electronic Distribution report in its 2024 bolance sheet as a net pension asset or net pension liability
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