The following pension-related data pertain to Metro Recreation?s noncontributory, defined benefit pension plan for 2021 ($ in
Question:
The following pension-related data pertain to Metro Recreation?s noncontributory, defined benefit pension plan for 2021 ($ in thousands):
Required:Prepare a pension spreadsheet that shows the relationships among the various pension balances, shows the changes in those balances, and computes pension expense for 2021.
Transcribed Image Text:
Dec. 31 Jan. 1 $ 4,100 $4,380 Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Interest (discount) rate, 7% Expected return on plan assets, 10% 3,715 3,950 4,530 4,975 Prior service cost-AOCI 840 (from Dec. 31, 2020, amendment) Net loss-AOCI 477 Average remaining service life: 12 years Gain due to changes in actuarial assumptions Contributions to pension fund (end of year) Pension benefits paid (end of year) 44 340 295
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Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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