Actuary and trustee reports indicate the following changes in the PBO and plan assets of Mahomes Industries

Question:

Actuary and trustee reports indicate the following changes in the PBO and plan assets of Mahomes Industries during 2024:


Required:
1. Determine the company’s pension expense for 2024, and prepare the appropriate journal entry to record the expense.
2. Prepare the appropriate journal entry(s) to record any 2024 gains and losses.
3. Prepare the appropriate journal entry to record the cash contribution to plan assets.
4. Prepare the appropriate journal entry to record retiree benefits.

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