Required information

Problem $17-16($Algo$)$ Comprehensive$-$reporting a pension plan; pension spreadsheet; determine changes in balances; 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 $2021$:

$```$

Prior service cost at Jan. $1,2021,$ from plan amendment at the

beginning of $2019($amortization: $$6$ million per year$)$ $$44$ million

Net loss$-$pensions at Jan$\mathrm{.}1,2021($previous losses exceeded previous gains$)$ $$60$ million

Average remaining service life of the active employee group $10$ years $|$

Actuary's discount rate

$9\%$

$```$

$(\backslash$$ in millions$)$

Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during $2022$:

$(\backslash$$ in millions$)$

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

$2.$ Determine the new gains and$/$or losses in $2021$ and prepare the appropriate journal entry$($s$)$ to record them. $($If no entry 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 $10).)$

Journal entry worksheet Journal entry worksheet

$1$

$2$

$2$

Record the gains.

Note: Enter debits before credits.