D Question 23 22. Actuary and trustee reports indicate the following changes in the PBO and plan assets of Reeves Uniforms during 2016: $64 million Por service costat Jan 1, 2016. from plan amendment at the beginning of 2014 amortization: $8 million per year) Netloss pensions at Jan 1, 2016 (previous losses exceeded previous gains) $80 million Pwerage remaining service life of the active employee group 10 years Actuary's discount ($ in millions) Beginning of 2016 Service cost Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2016 $600 96 48 PLAN ASSETS Beginning of 2016 $400 Return on plan assets, 7.5% (10% expected) 30 Cash contributions 90 Less: Retiree benefits (40) End of 2016 $480 (40) $700 Required: 1. Determine Reeves' pension expense for 2016 and prepare the appropriate journal entries to record the expense as well as the cash contribution to plan assets. 2. Determine the new gains and/or losses in 2016 and prepare the appropriate journal entry to record them. 3. Prepare a pension spreadsheet to assist you in determining end of 2016 balances in the PBO plan assets, prior service cost, the net loss-AOCI. and the pension liability-AOCI