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Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during
2024 are as follows:
The expected long-term rate of return on plan assets was 8%. There were no AOCI balances
related to pensions on January 1, 2024, but at the end of 2024, the company amended the pension
formula, creating a prior service cost of $12 million.($ millions)PBO balance, January
1$480Plan assets balance, January 1300Service cost75Interest cost45Gain from change in
actuarial assumption22Benefits paid(36)Actual return on plan assets20Contributions 202460
Calculate the pension expense for 2024 . Note: Amounts to be deducted should be indicated with
a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).
Prepare the journal entries to record (a) pension expense, (b) gains or losses, (c) prior service
cost, (d) funding, and (e) payment of benefits for 2024 . Note: 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).
Complete this question by entering your answers in the tabs below. What amount will Electronic
Distribution report in its 2024 balance sheet as a net pension asset or net pension liability? Note:
Enter your answer in millions (i.e., 10,000,000 should be entered as 10 ).

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Electronic Distribution has a defined benefit pension plan. Characte.pdf

  • 1. Electronic Distribution has a defined benefit pension plan. Characteristics of the plan during 2024 are as follows: The expected long-term rate of return on plan assets was 8%. There were no AOCI balances related to pensions on January 1, 2024, but at the end of 2024, the company amended the pension formula, creating a prior service cost of $12 million.($ millions)PBO balance, January 1$480Plan assets balance, January 1300Service cost75Interest cost45Gain from change in actuarial assumption22Benefits paid(36)Actual return on plan assets20Contributions 202460 Calculate the pension expense for 2024 . Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Prepare the journal entries to record (a) pension expense, (b) gains or losses, (c) prior service cost, (d) funding, and (e) payment of benefits for 2024 . Note: 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). Complete this question by entering your answers in the tabs below. What amount will Electronic Distribution report in its 2024 balance sheet as a net pension asset or net pension liability? Note: Enter your answer in millions (i.e., 10,000,000 should be entered as 10 ).