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.($ in millions)Balance, January 1, 2024Service costInterest cost, 8%Expected return on assetsLoss on assetsAmortization of:Prior service cost-AOCINet loss-AOCIGain or Loss on PBOCash contributionsRetiree benefitsBalance, December 31, 2024PBO(300) ✔(48)✔(24) ✔(372)PlanAssets200✔200X Answer is not complete.PriorServiceCost-AOCI0Net Loss-AOCI0PensionExpense48 ✓24✔72CashNetPension(Liability)or Asset0 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 of2022 (amortization: $4 million per year)Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains)Average remaining service life of the active employee groupActuary's discount rate($ in millions)Beginning of 2024Service costInterest cost, 8%Loss (gain) on PBOLess: Retiree benefitsEnd of 2024Beginning of 2025Service costPBO$ 30048Interest cost, 8%Loss (gain) on PBOLess: Retiree benefitsEnd of 202524(2)(20)$ 350PBO$ 35038285(16)Beginning of 2024Return on plan assets, 7.5% (10%expected)$ 405Cash 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, 15% (10%)expected)$ 32 million$ 40 million10 years8%Cash contributionsLess: Retiree benefitsEnd of 2025PlanAssets$ 2001545(20)$ 240PlanAssets$ 2403630(16)$ 290

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. ($ in millions) Balance, January 1, 2024 Service cost Interest cost, 8% 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 (300) (48) (24) (372) Plan Assets 200 200 Answer is not complete. Prior Service Cost- AOCI 0 Net Loss -AOCI Pension Expense 48 24 72 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. ($ in millions) Balance, January 1, 2024 Service cost Interest cost, 8% 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 (300) (48) (24) (372) Plan Assets 200 200 Answer is not complete. Prior Service Cost- AOCI 0 Net Loss -AOCI Pension Expense 48 24 72 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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Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2025. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit
TB Problem 17-186 (Static) The following is an incomplete... The following is an incomplete pension spreadsheet for the current year for Sparky Corporation. Required: 1. Complete the pension spreadsheet. 2. Prepare the journal entries to record pension expense and funding of plan assets for the year. 3. Prepare the journal entry(ies) to record any gains or losses for the year. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Complete the pension spreadsheet. ($ in millions) debit (credit) PBO Plan Assets Prior Service Cost Net(Gain)Los8 Pension Expense Net Pension Cash Beginning balance 450 60 55 (Liability) or Asset (10) Service cost (85) Interest cost (45) Expected return on assets 55 (Gain) or loss on assets Amortization of: Prior service cost Net (gain) or loss Loss on PBO Contributions to fund Retiree benefits paid Ending balance (32) 40 (562) 3 (1) 54 89
3b. The following information is available for the pension plan of Vaughn Company for the year 2020. Actual and expected return on plan assets $ 14,700 Benefits paid to retirees 40,800 Contributions (funding) 81,100 Interest/discount rate 10 % Prior service cost amortization 7,600 Projected benefit obligation, January 1, 2020 458,000 Service cost 63,900 (a) Your answer has been saved. See score details after the due date. Compute pension expense for the year 2020. Pension expense for 2020 $enter pension expense for 2017 in dollars Attempts: 1 of 1 used (b) Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for…
The pension worksheet for Carla Vista Industries is shown below. Carla Vista Industries Pension Worksheet General Journal Entries Memo Record Annual Pension Projected Pension Items Expense Cash Asset/ Liability Benefit Obligation Plan Assets Balance, Jan. 1, 2025 $22000 dr $259000 cr $281000 dr (a) Service Cost $63000 dr 63000 cr (b) Interest Cost 34000 dr 34000 CE (c) Actual Return 35000 cr 35000 dr (d) Contributions $49000 cr 49000 dr (e) Benefits ?? dr 22 cr Journal Entry for 2025 $62000 dr $49000 cr 13000 cr Balance, Dec. 31, 2025 $9000. dr 22 $279000 What amount of benefits were paid during 2025? O $63000 O $86000 O $49000 O $62000
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The following incomplete (columns have missing amounts) pension spreadsheet is for the current year for First Republic Corporation (FRC). ($ in millions)Debit(Credit)PBO Plan Assets Prior Service Cost Net(Gain)/Loss Pension Expense Cash Net Pension (Liability)/Asset Beginning balance (740) 32 (94) Service cost 66 Interest cost 37 Expected return on assets 72 Gain/loss on assets (4) Amortization of: Prior service cost (10) Net gain/loss 5 Loss on PBO (12) Contributions to fund (49) Retiree benefits paid (69) Ending balance 745 (85) What was the net pension asset/liability reported in the balance sheet at the end of the year? Multiple Choice Net pension liability of $41 million. Net pension asset of $58 million. Net pension…
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Please provide proper tables for each requirement. For the spreadhseet as well as the journal entries so it is easy to understand. Tables with titles and calculations and accounts etc.
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: $4 million per year) Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2024 Service cost Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2024 Beginning of 2025 Service cost PBO $ 300 48 Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2025 24 (2) (20) $ 350 PBO $ 350 38 28 5 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2025: ($ in millions) (16) Beginning of 2024 Return on plan assets, 7.5% (10% expected) $ 405 Cash contributions Less: Retiree benefits End of 2024 Beginning of 2025 Return on plan assets, 15% (10% expected) $…
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