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Besle Management has a noncontributory, defined benefit pension plan. On December 31, 2021 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit Obligation Balance, January 1, 2821 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2821 Pension benefits paid Balance, December 31, 20211 Plan Assets Balance, January 1, 20211 Actual return on plan assets (Expected return on plan assets, $44) Cash contributions Pension benefits paid Balance, December 31, 2821 January 1, 2821, balances: Pension asset Prior service cost-AOCI (amortization $7 per year) Net gain-ADCI (any amortization over 18 years) ($ in millione) Balance, Jan. 1, 2021 Service cost Interest cost, 5% Expected return on assets Adjust for Loss on assets Amortization of: Prior service cost Net gain Gain on PBO Cash funding Retiree benefits Balance, Dec. 31, 2021 $ Required: Prepare a pension spreadsheet to show the relationship among the PBO, plan assets, prior service cost, the net gain, pension expense, and the net pension asset. (Enter credit amounts with a minus sign and debit amounts with a positive sign. Enter your answers in millions.) PBO Plan Assets 0 S ($ in millions) $ 590 39 (29) 0 $ $ 688 ($ in millions) $ 580 68 29 (13) (29) 0 S $ 627 ($ in millions) $ 10 35 189 Prior Service Net Pension Cost-AOCI Gain-AOCI Expense Cash 0 S Net Pension (Liability) Asset $

Besle Management has a noncontributory, defined benefit pension plan. On December 31, 2021 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit Obligation Balance, January 1, 2821 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2821 Pension benefits paid Balance, December 31, 20211 Plan Assets Balance, January 1, 20211 Actual return on plan assets (Expected return on plan assets, $44) Cash contributions Pension benefits paid Balance, December 31, 2821 January 1, 2821, balances: Pension asset Prior service cost-AOCI (amortization $7 per year) Net gain-ADCI (any amortization over 18 years) ($ in millione) Balance, Jan. 1, 2021 Service cost Interest cost, 5% Expected return on assets Adjust for Loss on assets Amortization of: Prior service cost Net gain Gain on PBO Cash funding Retiree benefits Balance, Dec. 31, 2021 $ Required: Prepare a pension spreadsheet to show the relationship among the PBO, plan assets, prior service cost, the net gain, pension expense, and the net pension asset. (Enter credit amounts with a minus sign and debit amounts with a positive sign. Enter your answers in millions.) PBO Plan Assets 0 S ($ in millions) $ 590 39 (29) 0 $ $ 688 ($ in millions) $ 580 68 29 (13) (29) 0 S $ 627 ($ in millions) $ 10 35 189 Prior Service Net Pension Cost-AOCI Gain-AOCI Expense Cash 0 S Net Pension (Liability) Asset $

Intermediate Accounting: Reporting And Analysis
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
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Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2021 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit obligation Balance, January 1, 2821 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2021 Pension benefits paid Balance, December 31, 2821 Plan Assets Balance, January 1, 2821 Actual return on plan assets (Expected return on plan assets, $44) Cash contributions Pension benefits paid Balance, December 31, 2821 January 1, 2021, balances: Pension asset Prior service cost-AOCI (amortization $7 per year) Net gain-ADCI (any amortization over 18 years) ($ In millione) Balance, Jan. 1, 2021 Service Interest cost, 5% Expected return on assets Adjust for: Loss on assets Amortization of: Prior service cost Net gain Gain on PBO Cash funding Retiree benefits Balance, Dec. 31, 2021 S Required: Prepare a pension spreadsheet to show the relationship among the PBO, plan assets, prior service cost, the net gain, pension expense, and the net pension asset. (Enter credit amounts with a minus sign and debit amounts with a positive sign. Enter your answers in millions.) PBO ($ in millions) $ 598 39 0 S 88 (29 $ 688 Prior Plan Service Net Assets Cost-AOCI Gain-AOCI 0 S ($ in millions) $ 580 68 29 (13) (29) 0 $ ($ in millions) $18. 35 189 $ 627 Pension Expense Cash 0 S Net Pension (Liability) / Asset S
Transcribed Image Text:Beale Management has a noncontributory, defined benefit pension plan. On December 31, 2021 (the end of Beale's fiscal year), the following pension-related data were available: Projected Benefit obligation Balance, January 1, 2821 Service cost Interest cost, discount rate, 5% Gain due to changes in actuarial assumptions in 2021 Pension benefits paid Balance, December 31, 2821 Plan Assets Balance, January 1, 2821 Actual return on plan assets (Expected return on plan assets, $44) Cash contributions Pension benefits paid Balance, December 31, 2821 January 1, 2021, balances: Pension asset Prior service cost-AOCI (amortization $7 per year) Net gain-ADCI (any amortization over 18 years) ($ In millione) Balance, Jan. 1, 2021 Service Interest cost, 5% Expected return on assets Adjust for: Loss on assets Amortization of: Prior service cost Net gain Gain on PBO Cash funding Retiree benefits Balance, Dec. 31, 2021 S Required: Prepare a pension spreadsheet to show the relationship among the PBO, plan assets, prior service cost, the net gain, pension expense, and the net pension asset. (Enter credit amounts with a minus sign and debit amounts with a positive sign. Enter your answers in millions.) PBO ($ in millions) $ 598 39 0 S 88 (29 $ 688 Prior Plan Service Net Assets Cost-AOCI Gain-AOCI 0 S ($ in millions) $ 580 68 29 (13) (29) 0 $ ($ in millions) $18. 35 189 $ 627 Pension Expense Cash 0 S Net Pension (Liability) / Asset S
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