Complete this question by entering your answers in the tabs below. Req 1 Req 2 to 4 Fill in the missing amounts. 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 Expected return on assets Adjust for: PBO Plan Assets Prior Service Cost-AOCI Net Loss- AOCI Pension Expense Cash (880) 760 50 98 80 Net Pension (Liability) or Asset (120) A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Incorporated's defined benefit pension plan follows. Six years earlier, Carney revised its pension formula and recalculated benefits earned by employees in prior years using the more generous formula. The prior service cost created by the recalculation is being amortized at the rate of $7 million per year. At the end of 2024, the pension formula was amended again, creating an additional prior service cost of $70 million. The expected rate of return on assets and the actuary's discount rate were 10%, and the average remaining service life of the active employee group is 10 years. Required: 1. Fill in the missing amounts.
Complete this question by entering your answers in the tabs below. Req 1 Req 2 to 4 Fill in the missing amounts. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Enter credit amounts with a minus sign and debit amounts with a positive sign. ($ in millions) Balance, January 1, 2024 Service cost Interest cost Expected return on assets Adjust for: PBO Plan Assets Prior Service Cost-AOCI Net Loss- AOCI Pension Expense Cash (880) 760 50 98 80 Net Pension (Liability) or Asset (120) A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Incorporated's defined benefit pension plan follows. Six years earlier, Carney revised its pension formula and recalculated benefits earned by employees in prior years using the more generous formula. The prior service cost created by the recalculation is being amortized at the rate of $7 million per year. At the end of 2024, the pension formula was amended again, creating an additional prior service cost of $70 million. The expected rate of return on assets and the actuary's discount rate were 10%, and the average remaining service life of the active employee group is 10 years. Required: 1. Fill in the missing amounts.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Don't use ai to answer I will report your answer Solve it Asap with explanation and calculation with all parts
Transcribed Image Text:Complete this question by entering your answers in the tabs below.
Req 1
Req 2 to 4
Fill in the missing amounts.
Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Enter credit amounts with a minus sign and debit amounts with a positive
sign.
($ in millions)
Balance, January 1, 2024
Service cost
Interest cost
Expected return on assets
Adjust for:
PBO
Plan Assets
Prior
Service
Cost-AOCI
Net Loss-
AOCI
Pension
Expense
Cash
(880)
760
50
98
80
Net Pension
(Liability) or
Asset
(120)
Transcribed Image Text:A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Incorporated's
defined benefit pension plan follows. Six years earlier, Carney revised its pension formula and recalculated benefits earned by
employees in prior years using the more generous formula. The prior service cost created by the recalculation is being amortized at
the rate of $7 million per year. At the end of 2024, the pension formula was amended again, creating an additional prior service cost of
$70 million. The expected rate of return on assets and the actuary's discount rate were 10%, and the average remaining service life of
the active employee group is 10 years.
Required:
1. Fill in the missing amounts.
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