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The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2024: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Interest (discount) rate, 6% Expected return on plan assets, 10% Prior service cost-AOCI (from December 31, 2023, amendment) Net loss-AOCI Average remaining service life: 10 years ($ in thousands) January 1 $ 4,700 3,745 5,430 900 563 December 31 $ 4,980 4,010 5,875 Gain due to changes in actuarial assumptions Contributions to pension fund (end of year) Pension benefits paid (end of year) 50 400 355 Required: Prepare a pension spreadsheet that shows the relationships among the various pension balances, shows the changes in those balances, and computes pension expense for 2024. Note: Enter credit amounts with a minus sign and debit amounts with a positive sign. Enter your answers in thousands (i.e. 200,000 should be entered as 200). (S in thousands) Balance, January 1, 2024 Service cost Interest cost Expected return on assets Answer is not complete. Prior Plan PBO Assets Service Cost- Net Loss- AOCI Pension Expense Net Pension Cash (Liability) AOCI or Asset 4,700x 5,430 900 563

The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2024: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Interest (discount) rate, 6% Expected return on plan assets, 10% Prior service cost-AOCI (from December 31, 2023, amendment) Net loss-AOCI Average remaining service life: 10 years ($ in thousands) January 1 $ 4,700 3,745 5,430 900 563 December 31 $ 4,980 4,010 5,875 Gain due to changes in actuarial assumptions Contributions to pension fund (end of year) Pension benefits paid (end of year) 50 400 355 Required: Prepare a pension spreadsheet that shows the relationships among the various pension balances, shows the changes in those balances, and computes pension expense for 2024. Note: Enter credit amounts with a minus sign and debit amounts with a positive sign. Enter your answers in thousands (i.e. 200,000 should be entered as 200). (S in thousands) Balance, January 1, 2024 Service cost Interest cost Expected return on assets Answer is not complete. Prior Plan PBO Assets Service Cost- Net Loss- AOCI Pension Expense Net Pension Cash (Liability) AOCI or Asset 4,700x 5,430 900 563

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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The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2024: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Interest (discount) rate, 6% Expected return on plan assets, 10% Prior service cost-AOCI (from December 31, 2023, amendment) Net loss-AOCI Average remaining service life: 10 years ($ in thousands) January 1 $ 4,700 3,745 5,430 900 563 December 31 $ 4,980 4,010 5,875 Gain due to changes in actuarial assumptions Contributions to pension fund (end of year) Pension benefits paid (end of year) 50 400 355 Required: Prepare a pension spreadsheet that shows the relationships among the various pension balances, shows the changes in those balances, and computes pension expense for 2024. Note: Enter credit amounts with a minus sign and debit amounts with a positive sign. Enter your answers in thousands (i.e. 200,000 should be entered as 200). Answer is not complete. ($ in thousands) PBO Plan Assets Prior Service Cost- Net Loss- AOCI Pension Expense Cash Net Pension (Liability) AOCI or Asset Balance, January 1, 2024 4,700 5,430 900 563 Service cost Interest cost Expected return on assets Adjust for Loss on assets Amortization of. Prior service cost Net loss Gain on PBO Cach fundinn Prev 3 of 4 Next
Transcribed Image Text:The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2024: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Interest (discount) rate, 6% Expected return on plan assets, 10% Prior service cost-AOCI (from December 31, 2023, amendment) Net loss-AOCI Average remaining service life: 10 years ($ in thousands) January 1 $ 4,700 3,745 5,430 900 563 December 31 $ 4,980 4,010 5,875 Gain due to changes in actuarial assumptions Contributions to pension fund (end of year) Pension benefits paid (end of year) 50 400 355 Required: Prepare a pension spreadsheet that shows the relationships among the various pension balances, shows the changes in those balances, and computes pension expense for 2024. Note: Enter credit amounts with a minus sign and debit amounts with a positive sign. Enter your answers in thousands (i.e. 200,000 should be entered as 200). Answer is not complete. ($ in thousands) PBO Plan Assets Prior Service Cost- Net Loss- AOCI Pension Expense Cash Net Pension (Liability) AOCI or Asset Balance, January 1, 2024 4,700 5,430 900 563 Service cost Interest cost Expected return on assets Adjust for Loss on assets Amortization of. Prior service cost Net loss Gain on PBO Cach fundinn Prev 3 of 4 Next
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