A partially completed pension spreadsheet showing the relationships among the elements that comprise the defined benefit pensionplan 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 $100,000. The expected rate of return on assets was 8%, and the average remaining service life of theactive employee group is 20 years in the current year, as well as, the previous two years.Required:Fill in the missing amounts.Note: Enter your answers in thousands (i.e., 5,500 should be entered as 5.5). Enter credit amounts with a minus sign.($ in thousands)PBOPlan AssetsPrior Service Net Loss -Cost-AOCI AOCIPensionExpenseCashBalance, January 1, 2024Service cost$ (700.0) $ 400.0 $95.0 $70.086.0Interest cost, 5%Expected return on assetsAdjust for:Loss on assetsAmortization:Prior service costAmortization:Net lossGain on PBOPrior service costCash funding(35.0)7.0(32.0)Retiree benefitsBalance, December 31, 2024$ (761.0) $400.0 $90.0 $77.0 $54.0Net Pension+Liability)/Asset$ (300.0)(70.0)EA10.0(290.0)

Step-by-Step Completion:Calculating the components of pension expense:Service Cost:Directly given as…

Answered: A partially completed pension…

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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Given the following information for Tyler Companys pension plan at the beginning of the year, calculate the corridor, excess net loss (gain), and amortized net loss (gain). Assume an average remaining service life of 15 years.
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 $300,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year, as well as, the previous two years. Required: Fill in the missing amounts. Note: Enter your answers in thousands (i.e., 5,500 should be entered as 5.5). Enter credit amounts with a minus sign. ($ in thousands) Balance, January 1, 2024 Service cost 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 Balance, December 31, 2024 PBO Plan Assets $ (860.0) $ (43.0) $ (929.0) $ 600.0 600.0 Prior Service Cost - AOCI $…
t 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 $220,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year, as well as, the previous two years. Required: Fill in the missing amounts. k Note: Enter your answers in thousands (i.e., 5,500 should be entered as 5.5). Enter credit amounts with a minus sign. ht ($ in thousands) PBO Plan Assets Prior Service Net Loss - Cost - AOCI AOCI Pension Expense Cash Net Pension (Liability)/ Asset Balance, January 1, 2024 $ (980.0) $ 720.0 $ 209.0 $ 98.0 $ (260.0) Service cost 118.0 Interest cost, 5% (49.0) Expected return on assets (57.6) Adjust for Loss on assets Amortization Prior service cost Amortization: Net…
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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 $220,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year as well as the previous two years. Required: Fill in the missing amounts. (Enter your answers in thousands rounded to 1 decimal place.) ($ in thousands) Balance, Jan. 1, 2021 Service cost 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 Balance, Dec. 31, 2021 PBO $ (980.0) $ 720.0 (49.0) Plan Assets $ (1.075.0) Prior Service Cost - AOCI $ 209.0 $ 198.0 Net Loss - AOCI S 98.0 23.0 Pension Expense 118.0 (57.6)…
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 $220,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year as well as the previous two years. Required: Fill in the missing amounts. (Enter your answers in thousands rounded to 1 decimal place.) Answer is complete but not entirely correct. Net Pension Prior Net Plan Service Pension (Liability) Loss ($ in thousands) Cost - AOCI I Asset PBO Assets - AOCI Expense Cash Balance, Jan. 1, 2021 $ (580.0) $ 520.0 $ 209.0 $ 58.0 0.0 O $ 0.0 O $ (60.0) Service cost (118.0) 8 0.0 O 0.0 0.0 98.0 0.0 V (118.0) X Interest cost, 5% (29.0) 0.0 O 0.0 V 0.0 49.0 X 0.0 O (49.0) X Expected return on assets 0.0 O 57.6 X 0.0…
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 $160,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year as well as the previous two years. Required:Fill in the missing amounts. (Enter your answers in thousands rounded to 1 decimal place.) Prior Net Pension Plan Service Net Loss Pension (Liability) ($ in thousands) PBO Assets Cost – AOCI – AOCI Expense Cash / Asset Balance, Jan. 1, 2021 $(920.0) $660.0 $152.0 $92.0 $(260.0) Service cost 112.0 Interest cost, 5% (46.0) Expected return on assets (52.8) Adjust for: Loss on assets 20.0…
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 $120,000. 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.
ices 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 $280,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year, as well as, the previous two years. Required: Fill in the missing amounts. Note: Enter your answers in thousands (i.e., 5,500 should be entered as 5.5). Enter credit amounts with a minus sign. ($ 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 $ (840.0) $ 580.0 $ 266.0 $ 84.0 $ (260.0) 104.0 (42.0) Interest cost, 5% Expected return on assets Adjust for: Loss on assets Amortization Prior service cost Amortization Net loss Gain on PBO…
Hi, Help with attached question, thank you!
The following facts apply to the pension plan of Wildhorse Inc. for the year 2025. Plan assets, January 1, 2025 $500,500 Projected benefit obligation, January 1, 2025 500,500 Settlement rate 8% Service cost 43,600 Contributions (funding) 25,600 Actual and expected return on plan assets 45,300 Benefits paid to retirees 35,100 Using this data, compute pension expense for the year 2025. As part of your solution, prepare a pension worksheet that shows the journal entry for pension expense for 2025 and the year-end balances in the related pension accounts. (Enter all amounts as positive.) HORSE INC. orksheet-2025 Pension Asset/ Liability 12740 Cr. +A $ Memo Record Projected Benefit Plan Obligation Assets Cr. Cr. Cr. Dr. $ +A Dr. Dr. Dr. Cr. 12740 Cr. $ Cr. $ Dr.

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