Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2021: Prior service cost at Jan. 1, 2021, from plan amendment at the beginning of 2019 (amortization: $5 million per year) Net loss-pensions at Jan.1, 2021 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2021 Service cost Interest cost, 9% Loss (gain) on PBO Less: Retiree benefits End of 2021 PBO $200 90 18 (2) (6) Less: Retiree benefits $300 End of 2021 Beginning of 2022 Service cost Interest cost, 9% Loss (gain) on PBO Less: Retiree benefits End of 2022 PBO $300 41 27 4 (19) Beginning of 2021 Return on plan assets, 8.0 % (10 % expected) Cash contributions $353 Plan Assets $150 Beginning of 2022 Return on plan assets, 15 % (10 % expected) Cash contributions Less: Retiree benefits End of 2022 12 44 (6) Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2022: ($ in millions) $200 Plan Assets $200 30 33 (19) $35 million $50 million $244 10 years 9%

Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2021: Prior service cost at Jan. 1, 2021, from plan amendment at the beginning of 2019 (amortization: $5 million per year) Net loss-pensions at Jan.1, 2021 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2021 Service cost Interest cost, 9% Loss (gain) on PBO Less: Retiree benefits End of 2021 PBO $200 90 18 (2) (6) Less: Retiree benefits $300 End of 2021 Beginning of 2022 Service cost Interest cost, 9% Loss (gain) on PBO Less: Retiree benefits End of 2022 PBO $300 41 27 4 (19) Beginning of 2021 Return on plan assets, 8.0 % (10 % expected) Cash contributions $353 Plan Assets $150 Beginning of 2022 Return on plan assets, 15 % (10 % expected) Cash contributions Less: Retiree benefits End of 2022 12 44 (6) Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2022: ($ in millions) $200 Plan Assets $200 30 33 (19) $35 million $50 million $244 10 years 9%

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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