Check my work 10 the Mayer Corporation has a defined benefit pension plan. Mayer's policy is to fund the plan annually,

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Check My Work 10 The Mayer Corporation Has A Defined Benefit Pension Plan Mayer S Policy Is To Fund The Plan Annually 1 (65.05 KiB) Viewed 49 times

Check my work 10 the Mayer Corporation has a defined benefit pension plan. Mayer's policy is to fund the plan annually, cash payments being made end of each year. Data relating to the pension plan for 2021 are as follows: 7 points December 31 [$ in millions) 2021 2020 $1,180 $1,000 Skipped $ 122 50 Plan assets Net Pension Expense for 2021: Service cost Interest cost (58 $1,000) Actual return on the plan assets (11% x $1,000 = $110) Adjusted for: $10 gain on the plan assets Amortization of prior service cost Amortization of net loss eBook (100) 10 3 85 Hint Print References *(11% * $1,000) - (10% * $1,000) Required: Recreate the journal entries used to record Mayer's 2021 pension expense, gain on plan assets, and funding of plan assets in order to determine the cash paid to the pension trustee as reported in the statement of cash flows. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) View transaction list Journal entry worksheet 2 3 > Record the entry for pension expense in 2021.