Harrison Forklift's pension expense includes a service cost of $26 million. Harrison began the year with a pension liability of $46 million (underfunded pension plan). 1. Interest cost, $7; expected return on assets, $20; amortization of net loss, $6.
2. Interest cost, $22; expected return on assets, $16; amortization of net gain, $6.
3. Interest cost, $22; expected return on assets, $16; amortization of net loss, $6; amortization of prior service cost, $7 million.

Required:
Prepare the appropriate general journal entries to record Harrison's pension expense in each of the above independent situations regarding the other components of pension expense ($ in millions).

1. ($ in millions)

Dr Pension expense $19

Dr Plan assets (expected return on assets) $20

Cr PBO$33

Cr Net loss—AOCI(current amortization) $6

2. ($ in millions)

Dr Pension expense $26

Dr Plan assets (expected return on assets) $16

Dr Net gain—AOCI(current amortization) $6

Cr PBO $48

3. ($ in millions)

Dr Pension expense $45

Dr Plan assets (expected return on assets) $16

Cr PBO $48

Cr Net loss—AOCI(current amortization) $6

Cr Prior service cost (current Amortization) $7

Explanation:

Preparation of the appropriate general journal entries to record Harrison's pension expense

1. ($ in millions)

Dr Pension expense $19

($33+$6-$20)

Dr Plan assets (expected return on assets) $20

Cr PBO($26 service cost + $7 interest cost) $33

Cr Net loss—AOCI(current amortization) $6

2. ($ in millions)

Dr Pension expense $26

($48-$16-$6)

Dr Plan assets (expected return on assets) $16

Dr Net gain—AOCI(current amortization) $6

Cr PBO($26 service cost + $22 interest cost) $48

3. ($ in millions)

Dr Pension expense $45

($48+$6+$7-$16)

Dr Plan assets (expected return on assets) $16

Cr PBO($26 service cost + $22 interest cost) $48

Cr Net loss—AOCI(current amortization) $6

Cr Prior service cost (current Amortization) $7

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answer: in the short-run firms will respond by raising the price of turkey.

explanation: initially the long-run equilibrium is at a price of $5 per pound of turkey and a quantity of 50 million pounds per year. now, when webmd claims that a protein found in turkey will increase your expected lifespan by 4 years. the consumers demand for turkey will increase at every price shifting the demand curve to the right from d1 to d2. while, there will be no change in the supply curve in the short-run as it is not possible for producers to adjust supply so quickly. as a result the new equilibrium will occur at a higher price and a higher quantity of turkey.

thus, in the short run firms will respond by increasing the price of turkey, selling more quantity at a higher price and earning economic profits.