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sing amounts. your answers in thousands (i.e., 5,500 should be entered as 5.5). Enter credit amounts with a minus sign. in thousands) ary 1, 2024 5% m on assets sets e cost cost its ember 31, 2024 PBO Plan Assets $ (600.0) $ 500.0 $ (30.0) Prior Service Net Loss - Pension Cost-AOCI AOCI Expense $ (656.0) 190.0 $ $ 180.0 60.0 12.0 96.0 (40.0) Cash (80.0) Net Pension (Liability) / Asset $ (100.0) 20.0

sing amounts. your answers in thousands (i.e., 5,500 should be entered as 5.5). Enter credit amounts with a minus sign. in thousands) ary 1, 2024 5% m on assets sets e cost cost its ember 31, 2024 PBO Plan Assets $ (600.0) $ 500.0 $ (30.0) Prior Service Net Loss - Pension Cost-AOCI AOCI Expense $ (656.0) 190.0 $ $ 180.0 60.0 12.0 96.0 (40.0) Cash (80.0) Net Pension (Liability) / Asset $ (100.0) 20.0

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 2022, the pension formula was amended, creating a prior service cost of $200,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year, as well as, the previous two years. Required: Fill in the missing amounts. Note: Enter your answers in thousands (i.e., 5,500 should be entered as 5.5). Enter credit amounts with a minus sign. ($ in thousands) Balance, January 1, 2024 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, December 31, 2024 PBO Plan Assets Net Loss - AOCI $ (600.0) $ 500.0 $ 190.0 $ 60.0 (30.0) Prior Service Cost-AOCI $ (656.0) $ 180.0 12.0 Pension Expense 96.0 (40.0) Cash (80.0) Net Pension (Liability) / Asset $ (100.0) 20.0
Transcribed Image Text: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 $200,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year, as well as, the previous two years. Required: Fill in the missing amounts. Note: Enter your answers in thousands (i.e., 5,500 should be entered as 5.5). Enter credit amounts with a minus sign. ($ in thousands) Balance, January 1, 2024 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, December 31, 2024 PBO Plan Assets Net Loss - AOCI $ (600.0) $ 500.0 $ 190.0 $ 60.0 (30.0) Prior Service Cost-AOCI $ (656.0) $ 180.0 12.0 Pension Expense 96.0 (40.0) Cash (80.0) Net Pension (Liability) / Asset $ (100.0) 20.0
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