Question: Please if you can help me. That would be awesome. Check my wo Actuary and trustee reports indicate the following changes in the PBO and





Check my wo Actuary and trustee reports indicate the following changes in the PBO and plan assets of Douglas Roberts Industries during 2021: Prior service cost at Jan. 1, 2021, from plan amendment at the beginning of 2018 (amortization: $4 million per year) Net loss-ACI at Jan. 1, 2021 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate $ 28 million $140 million 10 years 70 is in millions) P Beginning of 2021 Service cost 5600 Plan Assets $800 Beginning of 2021 50 Return on plan assets, GS (10expected) 55 (9) Cash contributions (20) Less Retiree benefits $867 End of 2021 40 Interest cost, 71 Loss (gain) on PBO Lesst Retiree benefits End of 2021 96 (20) $714 Required: 1-a. Determine Douglas Roberts's pension expense for 2021 1.b, 2. to 4. Prepare the appropriate journal entries to record the pension expense, to record any 2021 gains and losses, to record the cash contribution to plan assets and to record retiree benefits. Complete this question by entering your answers in the tabs below. Complete this question by entering your answers in the tabs below. Req 1A Req 18 and 2 to 4 Determine Douglas Roberts's pension expense for 2021. (Amounts to be deducted should be indicated with a minus sign Enter your answers in millions (.e., 10,000,000 should be entered as 10).) Pension Expense Pension expense CH Journal entry worksheet Journal entry worksheet
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
