P $17-8$ Pension spreadsheet; record pension expense and funding; new gains and losses L$017-7,$

A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Inc.$\text{'}$s defined benefit pension plan follows. Six years earlier, Carney revised its pension formula and recalculated benefits earned by employees in prior years using the more generous formula. The prior service cost created by the recalculation is being amortized at the rate of $$5$ million per year. At the end of $2024,$ the pension formula was amended again, creating an additional prior service cost of $$40$ million. The expected rate of return on assets and the actuary's discount rate were $10\%,$ and the average remaining service life of the active employee group is $10$ years.

Net

$()$s indicate credits; debits otherwise $($$ in millions$)$

Balance, Jan. $1,2024$

Service cost

Interest cost

Expected return on asset

Adjust for:

Loss on assets

Amortization of:

Prior service cost

Net loss

Loss on PBO

Prior service cost

Cash funding

Retiree benefits

Balance, Dec. $31,2024$

$(7)$

$?$

$?$

$?$

$?$

$?$

$??$

$?$

$?$

$?$

Prior

Pension

Pla

Asse

$680$

$?$

Net

Loss

$(830)??$

$93$

$?$

$20$

$74$

$?$

Pension

$($Liability$)/$

Expense

Cash

Asset

$(150)$

$?$

$?$

$?$

$?$

$?$

$84$