A partially completed pension spreadsheet showing the relationships among the elements that comprise the defined benefit...
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A partially completed pension spreadsheet showing the relationships among the elements that comprise the defined benefit pension plan of Universal Products is given below. The actuary's discount rate is 5%. At the end of 2019, the pension formula was amended, creating a prior service cost of $160,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year as well as the previous two years. Required: Fill in the missing amounts. (Enter your answers in thousands rounded to 1 decimal place.) ($ in thousands) Balance, Jan. 1, 2021 Service cost Interest cost, 5% Expected return on assets. Adjust for Loss on assets Amortization Prior service cost Amortization Net loss Gain on PBO Prior service cost Cash funding Retiree benefits Balance, Dec 31, 2021 Plan PBO Assets $ (640.0) $ 460 0 (320) $ (008.0) Prior Service Net Loss Cost-AOCI - AOCI $ 1520 $ 640 5 1440 100 Pension Expense 92.0 (368) Cash (760) Net Pension (Liability) /Asset $ (1800) 10.0 A partially completed pension spreadsheet showing the relationships among the elements that comprise the defined benefit pension plan of Universal Products is given below. The actuary's discount rate is 5%. At the end of 2019, the pension formula was amended, creating a prior service cost of $160,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year as well as the previous two years. Required: Fill in the missing amounts. (Enter your answers in thousands rounded to 1 decimal place.) ($ in thousands) Balance, Jan. 1, 2021 Service cost Interest cost, 5% Expected return on assets. Adjust for Loss on assets Amortization Prior service cost Amortization Net loss Gain on PBO Prior service cost Cash funding Retiree benefits Balance, Dec 31, 2021 Plan PBO Assets $ (640.0) $ 460 0 (320) $ (008.0) Prior Service Net Loss Cost-AOCI - AOCI $ 1520 $ 640 5 1440 100 Pension Expense 92.0 (368) Cash (760) Net Pension (Liability) /Asset $ (1800) 10.0
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Solution A 1 2 3 in thousands 4 Balance Jan 1 2021 5 Service c... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0078025839
9th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Posted Date:
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