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Douglas-Robert, Inc. has a noncontributory, defined benefit pension plan. At December 31, 2022, Douglas-Robert received...

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Accounting

Douglas-Robert, Inc. has a noncontributory, defined benefit pension plan. At December 31, 2022, Douglas-Robert received the following information:Projected Benefit Obligation

($ in millions)

Balance, January 1 $ 150

Service cost 34

Interest cost 15

Benefits paid (9 )

Balance, December 31 $ 190

Plan AssetsBalance, January 1 $ 60

Actual return on plan assets 8Contributions 2021 34

Benefits paid (9 )

Balance, December 31 $ 93

The expected long-term rate of return on plan assets was 10%. There was no prior service cost and a negligible net lossAOCI on January 1, 2022.Required:

1. Determine Douglas-Roberts pension expense for 2022.

2. Prepare the journal entries to record Doublas Roberts (a) pension expense, (b) funding, and (c) payment of retiree benefits in 2022.Enter your answers in millions (i.e., 5,000,000 should be entered as 5).

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