The following is an incomplete pension spreadsheet for the current year for Sparky Corporation.
|
($ in millions) debit (credit)
|
PBO
|
Plan
Assets
|
Prior
Service
|
Net Pension Cash (Gain) Expense Loss
|
Net Pension
(Liability) /
Asset
|
|
Beginning balance
|
|
450
|
60
|
55
|
(10)
|
|
Service cost
|
(85)
|
|
|
|
|
|
Interest cost
|
(45)
|
|
|
|
|
|
Expected return on assets
|
|
55
|
|
|
|
|
(Gain)/loss on assets
|
|
|
|
3
|
|
|
Amortization of:
|
|
|
|
|
|
|
Prior service cost
|
|
|
|
|
|
|
Net (gain)/loss
|
|
|
|
(1)
|
|
|
Loss on PBO
|
(32)
|
|
|
|
|
|
Contributions to fund
|
|
40
|
|
|
|
|
Retiree benefits paid
|
|
|
|
|
|
|
Ending balance
|
(562)
|
|
54
|
89
|
|
Required:
1) Complete the pension spreadsheet.
2) Prepare the journal entries to record pension expense and funding of plan assets for the year.
3) Prepare the journal entry/ies to record any gains or losses for the year.