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00 04:28:06 Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2024 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit Obligation Balance, January 1, 2024 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2024 Pension benefits paid Balance, December 31, 2024 Plan Assets ($ in millions) $ 400 42 20 (11) (20) $ 431 10 points eBook Hint Balance, January 1, 2024 Actual return on plan assets Print Cash contributions References Pension benefits paid (Expected return on plan assets, $35) Balance, December 31, 2024 January 1, 2024, balances: ($ in millions) $ 430 30 71 (20) $ 511 ($ in millions) Pension asset Prior service cost-AOCI (amortization $4 per year) Net gain-AOCI (any amortization over 10 years) Required: $ 30 28 83 Prepare a pension spreadsheet to show the relationship among the PBO, plan assets, prior service cost, the net gain, pension expense, and the net pension asset. Note: Enter credit amounts with a minus sign and debit amounts with a positive sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).

00 04:28:06 Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2024 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit Obligation Balance, January 1, 2024 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2024 Pension benefits paid Balance, December 31, 2024 Plan Assets ($ in millions) $ 400 42 20 (11) (20) $ 431 10 points eBook Hint Balance, January 1, 2024 Actual return on plan assets Print Cash contributions References Pension benefits paid (Expected return on plan assets, $35) Balance, December 31, 2024 January 1, 2024, balances: ($ in millions) $ 430 30 71 (20) $ 511 ($ in millions) Pension asset Prior service cost-AOCI (amortization $4 per year) Net gain-AOCI (any amortization over 10 years) Required: $ 30 28 83 Prepare a pension spreadsheet to show the relationship among the PBO, plan assets, prior service cost, the net gain, pension expense, and the net pension asset. Note: Enter credit amounts with a minus sign and debit amounts with a positive sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter19: Accounting For Post Retirement Benefits
Section: Chapter Questions
Problem 4E
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00 04:28:06 Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2024 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit Obligation Balance, January 1, 2024 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2024 Pension benefits paid Balance, December 31, 2024 Plan Assets ($ in millions) $ 400 42 20 (11) (20) $ 431 10 points eBook Hint Balance, January 1, 2024 Actual return on plan assets Print Cash contributions References Pension benefits paid (Expected return on plan assets, $35) Balance, December 31, 2024 January 1, 2024, balances: ($ in millions) $ 430 30 71 (20) $ 511 ($ in millions) Pension asset Prior service cost-AOCI (amortization $4 per year) Net gain-AOCI (any amortization over 10 years) Required: $ 30 28 83 Prepare a pension spreadsheet to show the relationship among the PBO, plan assets, prior service cost, the net gain, pension expense, and the net pension asset. Note: Enter credit amounts with a minus sign and debit amounts with a positive sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).
Transcribed Image Text:00 04:28:06 Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2024 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit Obligation Balance, January 1, 2024 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2024 Pension benefits paid Balance, December 31, 2024 Plan Assets ($ in millions) $ 400 42 20 (11) (20) $ 431 10 points eBook Hint Balance, January 1, 2024 Actual return on plan assets Print Cash contributions References Pension benefits paid (Expected return on plan assets, $35) Balance, December 31, 2024 January 1, 2024, balances: ($ in millions) $ 430 30 71 (20) $ 511 ($ in millions) Pension asset Prior service cost-AOCI (amortization $4 per year) Net gain-AOCI (any amortization over 10 years) Required: $ 30 28 83 Prepare a pension spreadsheet to show the relationship among the PBO, plan assets, prior service cost, the net gain, pension expense, and the net pension asset. Note: Enter credit amounts with a minus sign and debit amounts with a positive sign. Enter your answers in millions (i.e., 10,000,000 should be entered as 10).
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