A partially completed pension spreadsheet showing the relationships among the elements that comprise the defined benefit pension plan of Universal Products is given below. The actuary's discount rate is 5%. At the end of 2019, the pension formula was amended, creating a prior service cost of $280,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year as well as the previous two years. Required: Fill in the missing amounts. (Enter your answers in thousands rounded to 1 decimal place.) Prior Net Pension ($ in thousands) PBO Plan Assets Balance, Jan. 1, 2021 $ (840.0) $ 580.0 Service Cost-AOCI $ 266.0 $ Net Loss - AOCI Pension Expense (Liability) Cash /Asset 84.0 $ (260.0)
A partially completed pension spreadsheet showing the relationships among the elements that comprise the defined benefit pension plan of Universal Products is given below. The actuary's discount rate is 5%. At the end of 2019, the pension formula was amended, creating a prior service cost of $280,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year as well as the previous two years. Required: Fill in the missing amounts. (Enter your answers in thousands rounded to 1 decimal place.) Prior Net Pension ($ in thousands) PBO Plan Assets Balance, Jan. 1, 2021 $ (840.0) $ 580.0 Service Cost-AOCI $ 266.0 $ Net Loss - AOCI Pension Expense (Liability) Cash /Asset 84.0 $ (260.0)
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 1E
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