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Actuary and trustee reports indicate the following changes in the PBO and plan assets of Sporting Industries during 2013:
Prior service cost at Jan. 1, 2013, from plan amendment at the beginning of 2010 (amortization: $2 million per year)
$14 million
Net loss-AOCI at Jan.!, 2013 (previous losses exceeded previous gains)
$40 million
Average remaining service life of the active employee group
10 years
Actuary's discount rate
7%
($ in millions)
PBO
PLAN ASSETS
Beginning of 2013
$300
$200
Service cost
40
Return on plan assets,
Interest cost, 7%
21
8% (10% expected)
16
Loss (gain) on PBO
(7)
Cash contributions
45
Less: Retiree benefits
(19)
End of 2013
5335
1242
Required:
1) Determine Sporting's pension expense for 2013 and prepare the appropriate journal entries to record the expense as well as the cash contribution to plan assets.
2) Prepare the appropriate journal entries to record any 2013 gains and losses.
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