Har A partially completed pension spreadsheet showing the relationships among the elements that comprise the defined benefit pensionplan 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 $200,000. The expected rate of return on assets was 8%, and the average remaining service life of theactive employee group is 20 years in the current year, as well as, the previous two years.Required:Fill in the missing amounts.Note: Enter your answers in thousands (i.e., 5,500 should be entered as 5.5). Enter credit amounts with a minus sign.($ in thousands)Balance, January 1, 2024Service costInterest cost, 5%Expected return on assetsAdjust for:Loss on assetsAmortization:Prior service costAmortization:Net lossGain on PBOPrior service costCash fundingRetiree benefitsBalance, December 31, 2024PBO Plan AssetsNet Loss -AOCI$ (600.0) $ 500.0 $ 190.0 $ 60.0(30.0)Prior ServiceCost-AOCI$ (656.0)$ 180.012.0PensionExpense96.0(40.0)Cash(80.0)Net Pension(Liability) /Asset$(100.0)20.0

($ in 000)PBOPlan AssetsPrior ServiceNet Loss-PensionCashNet…

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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