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Bluff County's schedule of changes in net pension liability and related ratios is shown below. (Deductions should be indicated by a minus sign. Do not round intermediate calculations. Round percentage answers to 2 decimal places and other answers to nearest whole dollar.) Required Compute the missing amounts. Total pension liability BLUFF COUNTY EMPLOYEE RETIREMENT SYSTEM Schedule of Changes in the County's Net Pension Liability and Related Ratios Last Three Fiscal Years 2023 2022 2021 Service cost Interest $ 123,355 S 125,700 $ 130,550 182,710 172,560 Differences between expected and actual experience 1,276 (915) 690 Benefit payments (including refunds of employee contributions) (254,500) (219,260) Net change in total pension liability 66,855 75,655 Total pension liability, beginning 2,085,015 1,924,820 Total pension liability, ending Plan fiduciary net position Contributions-employee Contributions-employer Net investment income Benefit payments (including refunds of employee contributions) Administrative expenses Net change in plan fiduciary net position $ 32,720 S 36,370 98,900 102,595 91,680 19,860 (22,810) (65,510) (42,910) (51,980) (3.540) (3,240) (2,970) 81,800 1,024,680 1,064,220 Plan fiduciary net position, beginning Plan fiduciary net position, ending 1,228,450 Net pension liability, ending $ 923,420 Plan fiduciary net position as a percentage of total pension liability Covered payroll % 54.96 % 52.96 % Net pension liability as a percentage of covered payroll 198.09 % S 196.16 % 496,310 %

Bluff County's schedule of changes in net pension liability and related ratios is shown below. (Deductions should be indicated by a minus sign. Do not round intermediate calculations. Round percentage answers to 2 decimal places and other answers to nearest whole dollar.) Required Compute the missing amounts. Total pension liability BLUFF COUNTY EMPLOYEE RETIREMENT SYSTEM Schedule of Changes in the County's Net Pension Liability and Related Ratios Last Three Fiscal Years 2023 2022 2021 Service cost Interest $ 123,355 S 125,700 $ 130,550 182,710 172,560 Differences between expected and actual experience 1,276 (915) 690 Benefit payments (including refunds of employee contributions) (254,500) (219,260) Net change in total pension liability 66,855 75,655 Total pension liability, beginning 2,085,015 1,924,820 Total pension liability, ending Plan fiduciary net position Contributions-employee Contributions-employer Net investment income Benefit payments (including refunds of employee contributions) Administrative expenses Net change in plan fiduciary net position $ 32,720 S 36,370 98,900 102,595 91,680 19,860 (22,810) (65,510) (42,910) (51,980) (3.540) (3,240) (2,970) 81,800 1,024,680 1,064,220 Plan fiduciary net position, beginning Plan fiduciary net position, ending 1,228,450 Net pension liability, ending $ 923,420 Plan fiduciary net position as a percentage of total pension liability Covered payroll % 54.96 % 52.96 % Net pension liability as a percentage of covered payroll 198.09 % S 196.16 % 496,310 %

FINANCIAL ACCOUNTING
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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Exercise 8-26 (Algo) Pension Calculations [LO 8-5] Bluff County's schedule of changes in net pension liability and related ratios is shown below. (Deductions should be indicated by a minus sign. Do not round intermediate calculations. Round percentage answers to 2 decimal places and other answers to nearest whole dollar.) Required Compute the missing amounts. Total pension liability BLUFF COUNTY EMPLOYEE RETIREMENT SYSTEM Schedule of Changes in the County's Net Pension Liability and Related Ratios Last Three Fiscal Years 2023 2022 2021 Service cost Interest $ 123,355 $ 125,700 $ 182,710 130,550 172,560 Differences between expected and actual experience 1,276 (915) 690 Benefit payments (including refunds of employee contributions) (254,500) (219,260) Net change in total pension liability 66,855 75,655 Total pension liability, beginning 2,085,015 1,924,820 Total pension liability, ending Plan fiduciary net position Contributions employee Contributions employer Net investment income Benefit payments (including refunds of employee contributions) Administrative expenses Net change in plan fiduciary net position $ 32,720 $ 36,370 98,900 102,595 91,680 19,860 (22,810) (65,510) (42,910) (51,980) (3,540) (3,240) (2,970) 81,800 1,024,680 1,064,220 Plan fiduciary net position, beginning Plan fiduciary net position, ending 1,228,450 Net pension liability, ending $ 923,420 Plan fiduciary net position as a percentage of total pension liability Covered payroll % 54.96 % 52.96 % $ 496,310 Net pension liability as a percentage of covered payroll 198.09 % 196.16 % %
Transcribed Image Text:Exercise 8-26 (Algo) Pension Calculations [LO 8-5] Bluff County's schedule of changes in net pension liability and related ratios is shown below. (Deductions should be indicated by a minus sign. Do not round intermediate calculations. Round percentage answers to 2 decimal places and other answers to nearest whole dollar.) Required Compute the missing amounts. Total pension liability BLUFF COUNTY EMPLOYEE RETIREMENT SYSTEM Schedule of Changes in the County's Net Pension Liability and Related Ratios Last Three Fiscal Years 2023 2022 2021 Service cost Interest $ 123,355 $ 125,700 $ 182,710 130,550 172,560 Differences between expected and actual experience 1,276 (915) 690 Benefit payments (including refunds of employee contributions) (254,500) (219,260) Net change in total pension liability 66,855 75,655 Total pension liability, beginning 2,085,015 1,924,820 Total pension liability, ending Plan fiduciary net position Contributions employee Contributions employer Net investment income Benefit payments (including refunds of employee contributions) Administrative expenses Net change in plan fiduciary net position $ 32,720 $ 36,370 98,900 102,595 91,680 19,860 (22,810) (65,510) (42,910) (51,980) (3,540) (3,240) (2,970) 81,800 1,024,680 1,064,220 Plan fiduciary net position, beginning Plan fiduciary net position, ending 1,228,450 Net pension liability, ending $ 923,420 Plan fiduciary net position as a percentage of total pension liability Covered payroll % 54.96 % 52.96 % $ 496,310 Net pension liability as a percentage of covered payroll 198.09 % 196.16 % %
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