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Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Laure Conny 2025 ($ in millions) Beginning of 2025 Service cost Interest cost, 10% Loss (gain) on PB0 Less: Retiree benefits End of 2025 Show Transcribed Text ($ in millions) Balance, January 1, 2024 Service cost Interest cost, 10% Expected return on assets Loss on assets Amortization of PBO $ 420 45 Prior service cost-AOCI Not loss-AOGL 5 (23) PBO $ 409 3. Prepare a pension spreadsheet to assist you in determining end of 2024 balances in the PBO, plan assets, prior service cost-AOCI the net loss-AOCI, and the pension liability, 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. Beginning of 2025 Return on plan assets, 16% (10%) expected) Cash contributions s Less: Retiree benefits End of 2025 Plan Assets Required information Note: Enter your answers in minions (Le., u,uuu,uuu snouia de entered as 10). Enter creart amounts with a minus sign and dedit amounts with a positive sign. 2 C Plan Assets $ 250 Prior Service Net Loss Cost-AOCI -AOCI 40 37 (23) $ 304 Pension Expense Cash Net Pension (Liability) or Asset

Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Laure Conny 2025 ($ in millions) Beginning of 2025 Service cost Interest cost, 10% Loss (gain) on PB0 Less: Retiree benefits End of 2025 Show Transcribed Text ($ in millions) Balance, January 1, 2024 Service cost Interest cost, 10% Expected return on assets Loss on assets Amortization of PBO $ 420 45 Prior service cost-AOCI Not loss-AOGL 5 (23) PBO $ 409 3. Prepare a pension spreadsheet to assist you in determining end of 2024 balances in the PBO, plan assets, prior service cost-AOCI the net loss-AOCI, and the pension liability, 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. Beginning of 2025 Return on plan assets, 16% (10%) expected) Cash contributions s Less: Retiree benefits End of 2025 Plan Assets Required information Note: Enter your answers in minions (Le., u,uuu,uuu snouia de entered as 10). Enter creart amounts with a minus sign and dedit amounts with a positive sign. 2 C Plan Assets $ 250 Prior Service Net Loss Cost-AOCI -AOCI 40 37 (23) $ 304 Pension Expense Cash Net Pension (Liability) or Asset

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Caule uuring 2025 ($ in millions) Beginning of 2025 Service cost Interest cost, 10% Loss (gain) on PB0 Less: Retiree benefits End of 2025 Show Transcribed Text ($ in millions) Balance, January 1, 2024 Service cost Interest cost, 10% Expected return on assets Loss on assets Amortization of PBO $ 420 45 Prior service cost-AOCI Net loss-AOCI Gain or Loss on PBO Cash contributions Retiree benefits Balance, December 31, 2024 42 5 (23) $ 409 PBO 3. Prepare a pension spreadsheet to assist you in determining end of 2024 balances in the PBO, plan assets, prior service cost-AOCI, the net loss-AOCI, and the pension liability 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. Beginning of 2025 Return on plan assets, 16% (10%) expected) Cash contributions Less: Retiree benefits End of 2025 Plan Assets G Required information Note: Enter your answers in milions (Le., Iv,uuu,uuu snouia de entered as 10). Enter creart amounts with a minus sign and dedit amounts with a positive sign. U Plan Assets $ 250 Prior Service Net Loss Cost-AOCI -AOCI 40 37 (23) $ 304 Pension Expense Cash Net Pension (Liability) or Asset
Transcribed Image Text:Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Caule uuring 2025 ($ in millions) Beginning of 2025 Service cost Interest cost, 10% Loss (gain) on PB0 Less: Retiree benefits End of 2025 Show Transcribed Text ($ in millions) Balance, January 1, 2024 Service cost Interest cost, 10% Expected return on assets Loss on assets Amortization of PBO $ 420 45 Prior service cost-AOCI Net loss-AOCI Gain or Loss on PBO Cash contributions Retiree benefits Balance, December 31, 2024 42 5 (23) $ 409 PBO 3. Prepare a pension spreadsheet to assist you in determining end of 2024 balances in the PBO, plan assets, prior service cost-AOCI, the net loss-AOCI, and the pension liability 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. Beginning of 2025 Return on plan assets, 16% (10%) expected) Cash contributions Less: Retiree benefits End of 2025 Plan Assets G Required information Note: Enter your answers in milions (Le., Iv,uuu,uuu snouia de entered as 10). Enter creart amounts with a minus sign and dedit amounts with a positive sign. U Plan Assets $ 250 Prior Service Net Loss Cost-AOCI -AOCI 40 37 (23) $ 304 Pension Expense Cash Net Pension (Liability) or Asset
[The following information applies to the questions displayed below] Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2024: Prior service cost at January 1, 2024, from plan amendment at the beginning of 2022 (amortization: $5 million per year) Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2024 Service cost Interest 10% Loss (gain) on PBO Less: Retiree benefits. End of 2024 ($ in millions) PBO $ 370 49 37 (3) (03) $ 420 Beginning of 2024 Return on plan assets, 9.5% (10% expected) Cash contributions Less: Retiree benefits End of 2024 $39 million $ 47 million 10 years: 10% Plan Assets $200 19 64 (33) $250 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2025;
Transcribed Image Text:[The following information applies to the questions displayed below] Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2024: Prior service cost at January 1, 2024, from plan amendment at the beginning of 2022 (amortization: $5 million per year) Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2024 Service cost Interest 10% Loss (gain) on PBO Less: Retiree benefits. End of 2024 ($ in millions) PBO $ 370 49 37 (3) (03) $ 420 Beginning of 2024 Return on plan assets, 9.5% (10% expected) Cash contributions Less: Retiree benefits End of 2024 $39 million $ 47 million 10 years: 10% Plan Assets $200 19 64 (33) $250 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2025;
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