$[$Ine tollowing $$n$$ormat$$on appires to the quest$$ons a$$spiayea De$$ow$.]$ Required information

Complete this question by entering your answers in the tabs below.

Prepare the appropriate journal entries to record the expense as well as the cash contribution to plan assets and payment of benefits to retirees.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers in millions $($i$.$e$.,10,000,000$ should be entered as $10).$

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$\backslash$table$[[,$No$,$Transaction,General Journal,Debit,Credit$],[0,1,1,$Pension expense,$72,],[,,$Plan assets,,$16],[,,$Amortization of prior service cost $-$ OCl,,$5],[,,$Amortization of net loss $-$ OCl,,$6],[,,$PBO,,$45,25],[$:$\text{'},2,2,$Plan assets,$53,],[,,$Cash,,$53,],[$:$\text{'},3,3,$PBO,$25,],[,,$Plan assets,,$25]]$ Problem $17-16($Algo$)$ Part $1$

Required:

$1-$a$.$ Determine Lakeside's pension expense for $2024.$

$1-$b$.$ Prepare the appropriate journal entries to record the expense as well as the cash contribution to plan assets and payment of

benefits to retirees.

Complete this question by entering your answers in the tabs below.

Req $1$ A

Req $1$B

Determine Lakeside's pension expense for $2024.$

Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions $($i$.$e$.,10,000,000$

should be entered as $10).$ Required information

Problem $17-16($Algo$)$ Comprehensive$-$reporting a pension plan; pension spreadsheet; financial

statement effects; two years $[$LO$17-3,17-4,17-5,17-6,17-7,17-8]$

$[$The following information applies to the questions displayed below.$]$

Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during $2024$:

Prior service cost at January $1,2024,$ from plan amendment at the beginning

of $2022($amortization: $$5$ million per year$)$

Net loss$-$pensions at January $1,2024($previous losses exceeded previous

gains$)$

Average remaining service life of the active employee group

Actuary's discount rate$ $55$ million

$10$ years

$8\%($$ in millions$)$

Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during

$2025$:

$($$ in millions$)$

Problem $17-16($Algo$)$ Part $2$Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during

$2025$:

$($$ in millions$)$

Problem $17-16($Algo$)$ Part $2$

Determine the new gains and$/$or losses in $2024$ and prepare the appropriate journal entry$($s$)$ to record them.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Enter your answers

in millions $($i$.$e$.,10,000,000$ should be entered as $10).$

Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during $2024$:of $2022($amortization: $$5$ million per year$)$

Net loss$-$pensions at January $1,2024($previous losses exceeded previous

gains$)$

Average remaining service life of the active employee group

Actuary's discount rate

$$38$ million

$$55$ million

$10$ years

$8\%$

$($$ in millions$)$

Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during

$2025$:

$($$ in millions$)$

Problem $17-16($Algo$)$ Part $1$

Required:

$1-$a$.$ Determine Lakeside's pension expense for $2024.$

$1-$b$.$ Prepare the appropriate journal entries to record the expense as well as the cash contribution to plan assets and payment of

benefits to retirees.