Please explain proper steps by Step and Do Not Give Solution In Image Format ? And Fast Answering Please ? 3. Prepare a pension spreadsheet to assist you in determining end of 2024 balances in the PBO, plan assets, prior service cost-AOCI,the net loss-AOCI, and the pension liability.Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Enter credit amounts with a minus sign and debitamounts with a positive sign.(S in millions)Balance, January 1, 2024Service costInterest cost, 10%Expected return on assetsLoss on assetsAmortization of:Prior service cost-AOCINet loss-AOCIGain or Loss on PBOCash contributionsRetiree benefitsBalance, December 31, 2024PBOPlan Assets0Prior ServiceCost-AOCI0Net Loss-AOCIPensionExpenseCashNet Pension(Liability) orAsset Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2024:Prior service cost at January 1, 2024, from plan amendment at the beginning of 2022(amortization: $6 million per year)Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains)Average remaining service life of the active employee groupActuary's discount rate($ in millions)Beginning of 2024Service costInterest cost, 10%Loss (gain) on PBOLess: Retiree benefitsEnd of 2024Beginning of 2025Service costPBO$ 34048Interest cost, 10%Loss (gain) on PBOLess: Retiree benefitsEnd of 202534(2)(30)$ 390PBO$ 39042Beginning of 2024Return on plan assets, 9.5% (10%expected)395(20)$ 456Cash contributionsLess: Retiree benefitsEnd of 2024Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during2025:($ in millions)Beginning of 2025Return on plan assets, 16 % (10%expected)$36 million$ 64 million10 years10%Cash contributionsLess: Retiree benefitsEnd of 2025Plan Assets$2001961(30)$250Plan Assets$ 2504034(20)$ 3043. Prepare a pension spreadsheet to assist you in determining end of 2024 balances in the PBO, plan assets, prior service cost-AOCI,the net loss-AOCI, and the pension liability.Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Enter credit amounts with a minus sign and debitamounts with a positive sign.

Introduction Compensation obligation expected. The pension benefit obligation, or PBO, is the actual…

3. Prepare a pension spreadsheet to assist you in determining end of 2024 balances in the PBO, plan assets, prior service cost-AOCI, the net loss-AOCI, and the pension liability. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Enter credit amounts with a minus sign and debit amounts with a positive sign. (S in millions) Balance, January 1, 2024 Service cost Interest cost, 10% Expected return on assets Loss on assets Amortization of: Prior service cost-AOCI Net loss-AOCI Gain or Loss on PBO Cash contributions Retiree benefits Balance, December 31, 2024 PBO Plan Assets 0 Prior Service Cost-AOCI 0 Net Loss -AOCI Pension Expense Cash Net Pension (Liability) or Asset

3. Prepare a pension spreadsheet to assist you in determining end of 2024 balances in the PBO, plan assets, prior service cost-AOCI, the net loss-AOCI, and the pension liability. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Enter credit amounts with a minus sign and debit amounts with a positive sign. (S in millions) Balance, January 1, 2024 Service cost Interest cost, 10% Expected return on assets Loss on assets Amortization of: Prior service cost-AOCI Net loss-AOCI Gain or Loss on PBO Cash contributions Retiree benefits Balance, December 31, 2024 PBO Plan Assets 0 Prior Service Cost-AOCI 0 Net Loss -AOCI Pension Expense Cash Net Pension (Liability) or Asset

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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