The following is an excerpt from a disclosure note in The Clorox Company’s annual report for the fiscal year ended June 30, 2020:

Required:
1. What amount did Clorox report in its balance sheet related to the pension plan at June 30, 2020?

2. When calculating pension expense at June 30, Clorox included $10 million in its income statement as the amortization of unrecognized net actuarial loss (net loss—AOCI)? This AOCI account had a balance of $240 million at the beginning of the year and was the only AOCI account related to pensions. What was the average remaining service life of employees as of 2020?.
3. What was the pension expense?
4. What were the appropriate journal entries to record Clorox’s pension expense and to record gains and/or losses related to the pension plan?

NOTE 17: EMPLOYEE BENEFIT PLANS (in part) ($ in millions) Changes in projected benefit obligation: Obligation at beginning of year Service cost Interest cost Actuarial (gain) loss Benefits paid Obligation at end of year Change in plan assets: Fair value of plan assets at beginning of year Actual return (loss) on plan assets Employer contribution Benefits paid Fair value of plan assets at end of year Net Funded Status *Expected return $19 and $18 in 2020 and 2019, respectively Pension Benefits 2020 2019 $ 604 1 20 43 (39) $ 628 $ 485 48 13 (39) $ 507 $(121) $ 593 1 23 26 (39) $ 604 $ 420 41 63 (39) $ 485 $(119)