Required: 1. Calculate any amortization of the net gain that should be included as a component...

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Required: 1. Calculate any amortization of the net gain that should be included as a component of net pension expense for 2024. 2. Assume the net pension expense for 2024, not including the amortization of the net gain component, is $325,000. What is pension expense for the year? 3. Determine the net loss-AOCI or net gain-AOCI as of January 1, 2025. A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Inc.'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 $40 million. The expected rate of return on assets and the actuary's discount rate were 10%, and the average remaining service life of the active employee group is 10 years. ()s indicate credits; debits otherwise ($ in Plan millions) PBO Assets Prior Service Cost Net Loss Pension Expense Cash Net Pension (Liability) / Asset Balance, Jan. 1, 2024 (830) 680 20 93 (150) Service cost ? 74 Interest cost ? ? ? Expected return on asset ? Adjust for: Loss on assets (7) ? Amortization of: Prior service cost ? ? Net loss ? ? 33 Loss on PBO ? ? Prior service cost ? ? Cash funding ? Retiree benefits ? ? Balance, Dec. 31, 2024 ? 775 ? ? ? Required: ? (13) ? ? 84 ? page 1032 1. Fill in the missing amounts. 2. Prepare the 2024 journal entry to record pension expense. 3. Prepare the journal entry(s) to record any 2024 gains and losses and new prior service cost in 2024. 4. Prepare the 2024 journal entries to record (a) the cash contribution to plan assets and (b) the payment of retiree benefits. U.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure notes at December 31, 2023. Required: 1. Calculate any amortization of the net gain that should be included as a component of net pension expense for 2024. 2. Assume the net pension expense for 2024, not including the amortization of the net gain component, is $325,000. What is pension expense for the year? 3. Determine the net loss-AOCI or net gain-AOCI as of January 1, 2025. A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Inc.'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 $40 million. The expected rate of return on assets and the actuary's discount rate were 10%, and the average remaining service life of the active employee group is 10 years. ()s indicate credits; debits otherwise ($ in Plan millions) PBO Assets Prior Service Cost Net Loss Pension Expense Cash Net Pension (Liability) / Asset Balance, Jan. 1, 2024 (830) 680 20 93 (150) Service cost ? 74 Interest cost ? ? ? Expected return on asset ? Adjust for: Loss on assets (7) ? Amortization of: Prior service cost ? ? Net loss ? ? 33 Loss on PBO ? ? Prior service cost ? ? Cash funding ? Retiree benefits ? ? Balance, Dec. 31, 2024 ? 775 ? ? ? Required: ? (13) ? ? 84 ? page 1032 1. Fill in the missing amounts. 2. Prepare the 2024 journal entry to record pension expense. 3. Prepare the journal entry(s) to record any 2024 gains and losses and new prior service cost in 2024. 4. Prepare the 2024 journal entries to record (a) the cash contribution to plan assets and (b) the payment of retiree benefits. U.S. Metallurgical Inc. reported the following balances in its financial statements and disclosure notes at December 31, 2023.