Stanley-Morgan Industries adopted a defined benefit pension plan on April 12, 2024. The provisions of the plan were not maderetroactive to prior years. A local bank, engaged as trustee for the plan assets, expects plan assets to earn a 10% rate of return. Theactual return was also 10% in 2024 and 2025.* A consulting firm, engaged as actuary, recommends 4% as the appropriate discountrate. The service cost is $150,000 for 2024 and $280,000 for 2025. Year-end funding is $160,000 for 2024 and $170,000 for 2025.No assumptions or estimates were revised during 2024.*We assume the estimated return was based on the actual return on similar investments at the inception of the plan and that, since theestimate didn't change, that also was the actual rate in 2025.Required:Calculate each of the following amounts as of both December 31, 2024, and December 31, 2025:Note: Enter your answers in thousands (i.e., 200,000 should be entered as 200). Enter a liability as a negative amount.X Answer is complete but not entirely correct.December 31,2024December 31,20251. Projected benefit obligation2. Plan assets3. Pension expense4. Net pension asset (liability)$$$$150160150(10)$$$359 X346193 X13

Pension expenditures are associated with the employer's obligation to pay employees' pensions. The…

ons or estimates were revised during 2024. the estimated return was based on the actual return on similar investm n't change, that also was the actual rate in 2025. ch of the following amounts as of both December 31, 2024, and Decem your answers in thousands (i.e., 200,000 should be entered as 200). > Answer is complete but not entirely correct. December 31, December 31, 2024 2025 enefit obligation pense asset (liability) $ $ $ $ 150 160 150 (10) $ $ LA SA $ 359 x 346 193 13 x

ons or estimates were revised during 2024. the estimated return was based on the actual return on similar investm n't change, that also was the actual rate in 2025. ch of the following amounts as of both December 31, 2024, and Decem your answers in thousands (i.e., 200,000 should be entered as 200). > Answer is complete but not entirely correct. December 31, December 31, 2024 2025 enefit obligation pense asset (liability) $ $ $ $ 150 160 150 (10) $ $ LA SA $ 359 x 346 193 13 x

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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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: $4 million per year) Net loss-pensions at January 1, 2024 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2024 Service cost Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2024 Beginning of 2025 Service cost PBO $ 300 48 Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2025 24 (2) (20) $ 350 PBO $ 350 38 28 5 (16) Beginning of 2024 Return on plan assets, 7.5% (10% expected) $ 405 Cash contributions Less: Retiree benefits End of 2024 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2025: ($ in millions) Beginning of 2025 Return on plan assets, 15% (10%) expected)…