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The Toys R Us, Inc., is a leader in the retail toy industry. The following is an excerpt from a disclosure note in the company's annual report for the fiscal year ended January 31, 2009:
Required:
1. What amount did Toys R Us report in its balance sheet related to the pension plan at January 31, 2009?
2. When calculating pension expense at January 31, 2009, what amount did Toys R Us include as the amortization of unrecognized net actuarial loss (net loss-AOCI), which was $20 million at the beginning of the year? The average remaining service life of employees was 10 years.
3. The expected return on plan assets was $2 million for the year ending January 31, 2009, and there was no unrecognized prior service cost. What was the pension expense?
4. What were the appropriate journal entries to record Toys R Us's pension expense and to record gains and/or losses related to the pension plan?
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