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 2022, the pension formula was amended, creating a prior service cost of $260,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year, as well as, the previous two years. Required: Fill in the missing amounts. Note: Enter your answers in thousands (i.e., 5,500 should be entered as 5.5). Enter credit amounts with a minus sign. ($ in thousands) PBO Plan Assets Prior Service Net Loss - Cost - AOCI AOCI Pension Expense Cash Net Pension (Liability)/ Asset Balance, January 1, 2024 Service cost $ (820.0) $ 560.0 $ 247.0 $ 82.0 $ (260.0) 102.0 (41.0) Interest cost, 5% Expected return on assets Adjust for: Loss on assets Amortization: Prior service cost Amortization: Net loss Gain on PBO Prior service cost Cash funding Retiree benefits 15.0 (44.8) (86.0) 26.0

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 2022, the pension formula was amended, creating a prior service cost of $260,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year, as well as, the previous two years. Required: Fill in the missing amounts. Note: Enter your answers in thousands (i.e., 5,500 should be entered as 5.5). Enter credit amounts with a minus sign. ($ in thousands) PBO Plan Assets Prior Service Net Loss - Cost - AOCI AOCI Pension Expense Cash Net Pension (Liability)/ Asset Balance, January 1, 2024 Service cost $ (820.0) $ 560.0 $ 247.0 $ 82.0 $ (260.0) 102.0 (41.0) Interest cost, 5% Expected return on assets Adjust for: Loss on assets Amortization: Prior service cost Amortization: Net loss Gain on PBO Prior service cost Cash funding Retiree benefits 15.0 (44.8) (86.0) 26.0

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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