The following is an incomplete pension spreadsheet for the current year for Swiss Mist Corporation.
|
($ in millions) debit (credit)
|
PBO
|
Plan
Assets
|
Prior
Service
Cost
|
Net
(Gain) Loss
|
Pension Cash
Expense
|
Net Pension
(Liability) /
Asset
|
|
Beginning balance
|
(700)
|
|
28
|
(90)
|
|
150
|
|
Service cost
|
|
|
|
|
62
|
|
|
Interest cost
|
|
|
|
|
|
|
|
Expected return on assets
|
|
|
|
|
(61)
|
|
|
(Gain)/loss on assets
|
|
|
|
(7)
|
|
|
|
Amortization of:
|
|
|
|
|
|
|
|
Prior service cost
|
|
|
(4)
|
|
|
|
|
Net (gain)/loss
|
|
|
|
2
|
|
|
|
Loss on PBO
|
(3)
|
|
|
3
|
|
|
|
Contributions to fund
|
|
|
|
|
|
|
|
Retiree benefits paid
|
|
(65)
|
|
|
|
|
|
Ending balance
|
|
898
|
24
|
(92)
|
|
147
|
Required: 1) Complete the pension spreadsheet. 2) Prepare the journal entry to record pension expense for the year.