The Kollar Company has a defined benefit pension plan. Pension information concerning the fiscal years and are presented below $ in millions:
Information Provided by Pension Plan Actuary:
Projected benefit obligation as of December $
Prior service cost from plan amendment on January $straightline amortization for year average remaining service period
Service cost for $
Service cost for $
Discount rate used by actuary on projected benefit obligation for and
Payments to retirees in $
Payments to retirees in $
No changes in actuarial assumptions or estimates.
Net gainAOCI on January $
Net gains and losses are amortized for years in and
Information Provided by Pension Fund Trustee:
Plan asset balance at fair value on January $
contributions $
contributions $
Expected longterm rate of return on plan assets
actual return on plan assets $
actual return on plan assets $
Required:
Calculate pension expense for and
Prepare the journal entries for and to record pension expense.
Prepare the journal entries for and to record any gains and losses and new prior service cost.
Prepare the journal entries for and to record a the cash contribution to plan assets and b the benefit payments to retirees
