Problem 17-16 (Algo) Comprehensive-reporting a pension plan; pension spreadsheet; determine changes in balances; two years [LO17-3, 17-4, 17-5, 17-6, 17-7, 17-8] [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 2021: Prior service cost at Jan. 1, 2021, from plan amendment at the beginning of 2019 (amortization: $6 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 $44 million $60 million 10 years 9% ($ in millions) РВО Beginning of 2021 $300 Service cost 98 Interest cost, 9% 27 Beginning of 2021 Return on plan assets, 8.5% (10% expected) Plan Assets $200 Loss (gain) on PBO (6) Cash contributions Less Retiree benefits (19) Less: Retiree benefits End of 2021 $400 End of 2021 17 42 (19) $240 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2022: ($ in millions) РВО Plan Assets Beginning of 2022 $400 Beginning of 2022 $240 Service cost 50 Return on plan assets, Interest cost, 9% 36 15% (10% expected) 36 Loss (gain) on PBO 8 Cash contributions 42 Less Retiree benefits (28) Less Retiree benefits (28) End of 2022 $466 End of 2022 $290 Problem 17-16 (Algo) Part 6 6. Using T-accounts, determine the balances at December 31, 2022, in the net loss-AOCI and prior service cost-AOCI (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Bal. Jan. 1 Bal. Dec. 31 Net Loss―AOCI Prior Service Cost-AOCI Bal. Jan. 1 Bal. Dec. 31
Problem 17-16 (Algo) Comprehensive-reporting a pension plan; pension spreadsheet; determine changes in balances; two years [LO17-3, 17-4, 17-5, 17-6, 17-7, 17-8] [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 2021: Prior service cost at Jan. 1, 2021, from plan amendment at the beginning of 2019 (amortization: $6 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 $44 million $60 million 10 years 9% ($ in millions) РВО Beginning of 2021 $300 Service cost 98 Interest cost, 9% 27 Beginning of 2021 Return on plan assets, 8.5% (10% expected) Plan Assets $200 Loss (gain) on PBO (6) Cash contributions Less Retiree benefits (19) Less: Retiree benefits End of 2021 $400 End of 2021 17 42 (19) $240 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2022: ($ in millions) РВО Plan Assets Beginning of 2022 $400 Beginning of 2022 $240 Service cost 50 Return on plan assets, Interest cost, 9% 36 15% (10% expected) 36 Loss (gain) on PBO 8 Cash contributions 42 Less Retiree benefits (28) Less Retiree benefits (28) End of 2022 $466 End of 2022 $290 Problem 17-16 (Algo) Part 6 6. Using T-accounts, determine the balances at December 31, 2022, in the net loss-AOCI and prior service cost-AOCI (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Bal. Jan. 1 Bal. Dec. 31 Net Loss―AOCI Prior Service Cost-AOCI Bal. Jan. 1 Bal. Dec. 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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