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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
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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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
Transcribed Image Text: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
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: $6 million per year) Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2024 Service cost Interest cost, 10% Loss (gain) on PBO Less: Retiree benefits End of 2024 Beginning of 2025 Service cost PBO $ 340 48 Interest cost, 10% Loss (gain) on PBO Less: Retiree benefits End of 2025 34 (2) (30) $ 390 PBO $ 390 42 Beginning of 2024 Return on plan assets, 9.5% (10% expected) 39 5 (20) $ 456 Cash contributions Less: Retiree benefits End of 2024 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2025: ($ in millions) Beginning of 2025 Return on plan assets, 16 % (10% expected) $36 million $ 64 million 10 years 10% Cash contributions Less: Retiree benefits End of 2025 Plan Assets $200 19 61 (30) $250 Plan Assets $ 250 40 34 (20) $ 304 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.
Transcribed Image Text: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: $6 million per year) Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2024 Service cost Interest cost, 10% Loss (gain) on PBO Less: Retiree benefits End of 2024 Beginning of 2025 Service cost PBO $ 340 48 Interest cost, 10% Loss (gain) on PBO Less: Retiree benefits End of 2025 34 (2) (30) $ 390 PBO $ 390 42 Beginning of 2024 Return on plan assets, 9.5% (10% expected) 39 5 (20) $ 456 Cash contributions Less: Retiree benefits End of 2024 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2025: ($ in millions) Beginning of 2025 Return on plan assets, 16 % (10% expected) $36 million $ 64 million 10 years 10% Cash contributions Less: Retiree benefits End of 2025 Plan Assets $200 19 61 (30) $250 Plan Assets $ 250 40 34 (20) $ 304 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.
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