To focus on the core issues, we ignored the income tax effects of the pension amounts. Reproduced below are the journal entries that Global Communications used to record its pension expense and funding in 2024 and the new gain and loss that occurred that year. Required: 1. Pecast these journai entries to include the income tax effects of the events being recarded. Assume that Globals tax rate is 25% (Hint Costs are incurred and recognized for financial reporting purposes now, but the tax impact comes much later-when these amounts are deducted for tax purposes as actual payments for retiree benefits occur in the future. As a result, the tax effects are deferred, creating the need to record deterred tax assets and deferred tax liabilities.) 2. Prepare a statement of comprehensive income for 2024, assuming Globars only other sources of comprehensive income were net income of $440 millilitan and $55 million unrealized holding gain on investments in securities avaliable for sale. Complete this question by entering your answers in the tabs below. Hecast these joumal entries to include the income tax effects of the events being recorded. Assume that Giobals tax rate is 25% . (Hint: Costs are incurred and recognized for financial reporting purposes now, but the tax impact comes much later-when these amounts are .

1. To focus on the core issues, we ignored the income tax effects of the pension amounts.
Reproduced below are the journal entries that Global Communications used to record its pension
expense and funding in 2024 and the new gain and loss that occurred that year. Required: 1.
Pecast these journai entries to include the income tax effects of the events being recarded.
Assume that Globals tax rate is 25% (Hint Costs are incurred and recognized for financial
reporting purposes now, but the tax impact comes much later-when these amounts are deducted
for tax purposes as actual payments for retiree benefits occur in the future. As a result, the tax
effects are deferred, creating the need to record deterred tax assets and deferred tax liabilities.) 2.
Prepare a statement of comprehensive income for 2024, assuming Globars only other sources of
comprehensive income were net income of $440 millilitan and $55 million unrealized holding
gain on investments in securities avaliable for sale. Complete this question by entering your
answers in the tabs below. Hecast these joumal entries to include the income tax effects of the
events being recorded. Assume that Giobals tax rate is 25% . (Hint: Costs are incurred and
recognized for financial reporting purposes now, but the tax impact comes much later-when
these amounts are