Problem 17-8 (Algo) Pension spreadsheet; record pension expense and funding; new gains and losses [LO17-7, 17-8]

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 $4 million per year. At the end of 2024, the pension formula was amended again, creating an additional prior service cost of $30 million. The expected rate of return on assets and the actuary's discount rate were 10%, and the average remaining service life of the active employee group is 10 years.

Required:

1. Fill in the missing amounts.
2. Prepare the 2024 journal entry to record pension expense.
3. Prepare the journal entry(s) to record any 2024 gains and losses and new prior service cost in 2024.
4. Prepare the 2024 journal entries to record (a) the cash contribution to plan assets and (b) the payment of retiree benefits.

Fill in the missing amounts. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Enter credit amounts with a minus sign and debit amou sign. 2. Prepare the 2024 journal entry to record pension expense. 3. Prepare the journal entry(s) to record any 2024 gains and losses and new prior service cost in 2024. 4. Prepare the 2024 journal entries to record (a) the cash contribution to plan assets and (b) the payment of retiree benefit Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your millions (i.e., 10,000,000 should be entered as 10). Journal entry worksheet Journal entry worksheet Record any 2024 gain or loss for the difference in the actual return versus the expected return. Note: Enter debits before credits. Record any 2024 gain or loss for the change in the assumption regarding the PBO. Note: Enter debits before credits. Record new prior service cost in 2024. Note: Enter debits before credits. Record the cash contribution to plan assets. Note: Enter debits before credits. Record payment of retiree benefits. Note: Enter debits before credits