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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please explain proper steps by Step and Do Not Give Solution In Image Format ? And Fast Answering Please ?

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

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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