Question: I need help with problems #6 and #7. Reference: Intermediate Accounting Tenth Edition, J. David Spiceland, Mark W. Nelson. Wayne B. Thomas --- McGraw Hill
I need help with problems #6 and #7.
Reference: Intermediate Accounting Tenth Edition, J. David Spiceland, Mark W. Nelson. Wayne B. Thomas --- McGraw Hill Textbook
Complete Ch. 17 Problems Saved Help Save & Exit Submit Check my work 7 Problem 17-16 (Algo) Part 7 Part 7 of 7 7. Prepare a pension spreadsheet to assist you in determining end of 2022 balances in the PBO, plan assets, prior service cost-AOCI, the net loss-AOCI, and the pension liability. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be 3.58 entered as 5.5). Enter credit amounts with a minus sign and debit amounts with a positive sign.) points ($ in millions) Plan Assets Prior Service Net Loss Pension Net Pension Skipped PBO Cost-AOCI -AOCI Expense Cash (Liability) / Asset Bal., Jan. 1, 2022 eBook Service cost Print Interest cost, 8% Expected return on assets References Gain on assets Amortization of: Prior service cost-AOCI Net loss-AOCI Loss on PBO Cash contributions Retiree benefits Bal., Dec. 31, 2022 0.0 0.0 0.0 0.0 0.0 0.0Complete Ch. 17 Problems 0 Saved Help 60 Part 6 of7 3.57 points eBook Prim References Required information Problem 17-16 (Algo) Comprehensivereporting a pension plan; pension spreadsheet; determine changes in balances; two years [LO17-3, 17-4, 17-5, 17-6, 17-7, 17-8] [The following information applies to the questions displayed below. ] Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2021: Prior service cost at Jan. 1, 2021, from plan amendment at the beginning of 2019 (amortization: $7 million per year) $52 million Net losspensions at Jan.1, 2021 (previous losses exceeded previous gains) $65 million Average remaining service life of the active employee group 10 years Actuary's discount rate 8% ($ in millions) Plan PBO Assets Beginning of 2021 $550 Beginning of 2021 $400 Service cost 68 Return on plan assets, Interest cost, 895 44 7.596 (1096 expected) 30 Loss (gain) on PBO (3) Cash contributions 79 Less: Retiree benefits (59) Less: Retiree benefits (59) End of 2021 $600 End of 2021 $45\" Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2022: ($ in millions) ___ Plan Save 8. Exit Submit Check my work Complete Ch. 17 Problems i Saved Help Save & Exit Submit Check my work 6 ($ in millions) PBO Plan Assets Beginning of 2022 $600 Beginning of 2022 $450 Service cost 58 Return on plan assets, Interest cost, 8% 48 18% (10% expected) 81 Part 6 of 7 Loss (gain) on PBO 5 Cash contributions 50 Less: Retiree benefits (36) Less: Retiree benefits (36) End of 2022 $675 End of 2022 $545 3.57 points eBook Problem 17-16 (Algo) Part 6 Print 6. Using T-accounts, determine the balances at December 31, 2022, in the net loss-AOCI and prior service cost-AOCI. (Enter your References answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Net Loss-AOCI Bal. Jan. 1 New loss 5.0 36.0 New gain 1.1 Amortized in 2022 Bal. Dec. 31 32.1 Prior Service Cost-AOCI Bal. Jan. 1 Amortized in 2022 Bal. Dec. 31
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