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 2022, the pension formula was amended, creating a prior service cost of $120,000. 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.

( )s indicate credits; debits otherwise ($ in thousands) Balance, Jan. 1, 2024 Service cost Interest cost, 5% Expected return on assets Adjust for: Loss on assets Amortization: Prior service cost Plan PBO Assets (800) 600 (40) Amortization: Net loss Gain on PBO Prior service cost Cash funding Retiree benefits Balance, Dec. 31, 2024 (862) 0 Prior Service Cost / Net Loss / Pension AOCI AOCI Expense Cash 114 80 108 6 84 (48) (68) Net Pension (Liability)/ Asset (200) 12