Use Facts from Problem P 17-16 in the textbook for Lakeside Cable company to prepare pension worksheet for 2021 and 2022 (ignore other requirements). Create a separate tab in excel for each year.

P 17-16 Comprehensive-reporting a pension plan; pension spreadsheet; determine changes in balances; two years L017-3 through L017-8 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 $32 million beginning of 2019 (amortization: $4 million per year) Net loss pensions at Jan. 1. 2021 (previous losses exceeded previous gains) $40 million Average remaining service life of the active employee group 10 years Actuary's discount rate 8% (S in millions) Plan PBO Assets $200 Beginning of 2021 Service cost $300 Beginning of 2021 48 Return on plan assets, 24 7.5% (10% expected) Interest cost. 8% 15 Loss (gain) on PBO (2) Cash contributions 45 (20) Less: Retiree benefits End of 2021 (20) Less: Retiree benefits $350 End of 2021 $240 Required: 1. Determine Lakeside's pension expense for 2021, and prepare the appropriate journal entries to record the expense as well as the Mee 10 $240 Page 1037 Required: 1. Determine Lakeside's pension expense for 2021, and prepare the approprinte journal entries to record the expense as well as the cash contribution to plan assets and payment of benefits to retirees. 2. Determine the new gains and/or losses in 2021 and prepare the appropriate journal entry(s) to record them. 3. Prepare a pension spreadsheet to assist you in determining end of 2021 balances in the PBO plan assets, prior service cost-AOC, the net loss-AOCI, and the pension liability. 4. Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2022 (S in millions): Plan PBO Assets Beginning of 2022 $350 Beginning of 2022 $240 Service cost 38 Return on plan assets. Interest cost at 8% 28 15% (10% expected 36 Loss (gain) on PBO 5 Cash contributions 30 Less: Retiree benefits (16) Less: Retiree benefits (16) End of 2022 S405 End of 2022 $290 Determine Lakeside's pension expense for 2022, and prepare the appropriate journal entries to record the expense, the cath funding of plan assets, and payment of benefits to retirees. 5. Determine the new gains and/or losses in 2022, and prepare the appropriate journal entry(s) to record them. 6. Using T-accounts, determine the balances at December 31, 2022. in the net loss-AOCI and prior service cost-AOCI. 7. Confirm the balances determined in requirement 6 by preparing a pension spreadsheet. P 17-17 Integrating Problem-Deferred tax effects of pension entries integrate concepts learned in Chapter 16 B D E G H AOCI Pension Asset/ Liability Gain/ Loss Projected Benefit Obligation Cash PSC Plan Assets 3 4)s indicate credits: debits otherwise 5 6 Pension Items Expense 8 Balance, January 1, 9 Prior Serv Cost (plan amended in CY) 10 Adjusted Balance, January 1, 11 Service costs 12 Interest costs 13 Expected return on assets 14 Adjust for gain/loss on assets 15 Amortization of: 16 Prior Service Cost - AOCI 17 Net Gain or Loss 18 Gain/Loss on PBO 19 Contributions to fund 20 Benefits paid to retirees 21 22 23 Composite Journal entry 24 25 Balance, December 31, 26 27 28 29 30 31 32 33 34 35 P 17-16 Comprehensive-reporting a pension plan; pension spreadsheet; determine changes in balances; two years L017-3 through L017-8 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 $32 million beginning of 2019 (amortization: $4 million per year) Net loss pensions at Jan. 1. 2021 (previous losses exceeded previous gains) $40 million Average remaining service life of the active employee group 10 years Actuary's discount rate 8% (S in millions) Plan PBO Assets $200 Beginning of 2021 Service cost $300 Beginning of 2021 48 Return on plan assets, 24 7.5% (10% expected) Interest cost. 8% 15 Loss (gain) on PBO (2) Cash contributions 45 (20) Less: Retiree benefits End of 2021 (20) Less: Retiree benefits $350 End of 2021 $240 Required: 1. Determine Lakeside's pension expense for 2021, and prepare the appropriate journal entries to record the expense as well as the Mee 10 $240 Page 1037 Required: 1. Determine Lakeside's pension expense for 2021, and prepare the approprinte journal entries to record the expense as well as the cash contribution to plan assets and payment of benefits to retirees. 2. Determine the new gains and/or losses in 2021 and prepare the appropriate journal entry(s) to record them. 3. Prepare a pension spreadsheet to assist you in determining end of 2021 balances in the PBO plan assets, prior service cost-AOC, the net loss-AOCI, and the pension liability. 4. Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2022 (S in millions): Plan PBO Assets Beginning of 2022 $350 Beginning of 2022 $240 Service cost 38 Return on plan assets. Interest cost at 8% 28 15% (10% expected 36 Loss (gain) on PBO 5 Cash contributions 30 Less: Retiree benefits (16) Less: Retiree benefits (16) End of 2022 S405 End of 2022 $290 Determine Lakeside's pension expense for 2022, and prepare the appropriate journal entries to record the expense, the cath funding of plan assets, and payment of benefits to retirees. 5. Determine the new gains and/or losses in 2022, and prepare the appropriate journal entry(s) to record them. 6. Using T-accounts, determine the balances at December 31, 2022. in the net loss-AOCI and prior service cost-AOCI. 7. Confirm the balances determined in requirement 6 by preparing a pension spreadsheet. P 17-17 Integrating Problem-Deferred tax effects of pension entries integrate concepts learned in Chapter 16 B D E G H AOCI Pension Asset/ Liability Gain/ Loss Projected Benefit Obligation Cash PSC Plan Assets 3 4)s indicate credits: debits otherwise 5 6 Pension Items Expense 8 Balance, January 1, 9 Prior Serv Cost (plan amended in CY) 10 Adjusted Balance, January 1, 11 Service costs 12 Interest costs 13 Expected return on assets 14 Adjust for gain/loss on assets 15 Amortization of: 16 Prior Service Cost - AOCI 17 Net Gain or Loss 18 Gain/Loss on PBO 19 Contributions to fund 20 Benefits paid to retirees 21 22 23 Composite Journal entry 24 25 Balance, December 31, 26 27 28 29 30 31 32 33 34 35