Required information

Problem 17-16 Comprehensive-reporting a pension plan; pension spreadsheet; determine changes in balances; two years [LO17-3, 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 2018:

Prior service cost at Jan. 1, 2018, from plan amendment at the beginning of 2016 (amortization: $6 million per year)	$	50	million
Net losspensions at Jan.1, 2018 (previous losses exceeded previous gains)	$	60	million
Average remaining service life of the active employee group		10	years
Actuarys discount rate		8	%

($ in millions)

	PBO				Plan Assets
Beginning of 2018	$	500		Beginning of 2018		$	360
Service cost		66		Return on plan assets,
Interest cost, 8%		40		7.5% (10% expected)			27
Loss (gain) on PBO		(4	)	Cash contributions			65
Less: Retiree benefits		(52	)	Less: Retiree benefits			(52	)
End of 2018	$	550		End of 2018		$	400

Problem 17-16 Part 2

2. Determine the new gains and/or losses in 2018 and prepare the appropriate journal entry(s) to record them. (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).)