Question
The Warren Group’s pension cost is $58 million. This amount includes a $42 million service cost,...
The Warren Group’s pension cost is $58 million. This amount includes a $42 million service cost, a $40 million interest cost, a $28 million reduction for the expected return on plan assets, and a $4 million amortization of a prior service cost.
Prepare the journal entry to record the pension cost. (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).)
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