Prepare the appropriate general journal entries

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Problem - Harrison Forklift's pension expense includes a service cost of $24 million. Harrison began the year with a pension liability of $44 million (underfunded pension plan).

1. Interest cost, $12; expected return on assets, $18; amortization of net loss, $5.

2. Interest cost, $20; expected return on assets, $15; amortization of net gain, $5.

3. Interest cost, $20; expected return on assets, $15; amortization of net loss, $5; amortization of prior service cost, $6 million.

Required - Prepare the appropriate general journal entries to record Harrison's pension expense in each of the following independent situations regarding the other components of pension expense.

Reference no: EM132722311

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