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CHAPTER 20 HANDOUT PENSIONS POINTS 9 Points REQUIREMENT 1 \"In Identify whether the following items increase (I) or decrease (D) the existing balance in the pension accounts provided below. If the transaction does not affect a particular account, indicate no effect (NE). Transaction Interest costs Pension Expense Cash OCI Unrecognized Gain/Loss PBO Plan Assets Amortization of a gain balanoe in the unrecognized gain/loss account, Recognition of current period asset return. Assume the actual asset return is less than the expected asset return and that both returns are positive. Also assume the OCI Unreoognized Gain/Loss account had a gain balance at the beginning of the year. REQUIREMENT 2 Explain the significance of each of the following items found on corporate financial statements. Note that not all items would necessarily be found on the statements of a single company. 1. "Pension Asset/Liability" found in the asset section of the balance sheet. 2. "Pension Asset/Liability" found in the liability section of the balance sheet. 3. "Prior Service Cost" found as part of Accumulated Other Comprehensive Income in the equity section of the balance sheet. 4. "Pension Expense" found on the income statement. CHAPTER 20 HANDOUT | PAGE 1REQUIREMENT 3 Indicate whether each of the events listed below increases (1), decreases (D), or has no effect (NE) on an employer's projected benefit obligation. Effect Item Interest cost. Amortization of prior service cost. Decrease in the average life expectancy of employees. A plan amendment that increases benefits is made retroactive to prior years. Cash contributions to the pension fund made by the employer. Benefits paid to retirees. Service cost. The return on plan assets is lower than expected