Required information[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 thebeginning of 2019 (amortization: $5 million per year)Net loss-pensions at Jan.1, 2021 (previous losses exceeded previous gains)Average remaining service life of the active employee groupActuary's discount rate($ in millions)Beginning of 2021Service costInterest cost, 9%Loss (gain) on PBOLess: Retiree benefitsEnd of 2021PBO$2009018(2)(6)Beginning of 2022Service costInterest cost, 9%Loss (gain) on PBOLess: Retiree benefitsEnd of 2022$300 End of 2021Beginning of 2021Return on plan assets,8.0 % (10 % expected)Cash contributionsLess: Retiree benefitsPBO$30041274(19)$353PlanAssets$150Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during2022:($ in millions)Beginning of 2022Return on plan assets,15% (10 % expected)Cash contributionsLess: Retiree benefitsEnd of 20221244(6)$200PlanAssets$2003033(19)$35 million$50 million10 years9%$244 6. Using T-accounts, determine the balances at December 31, 2022, in the net loss-AOCI and prior service cost-AOCI. (Enter youranswers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)Bal. Jan. 1Bal. Dec. 31Bal. Jan. 1Bal. Dec. 31Net Loss-AOCIPrior Service Cost-AOCI

AOCI-Accumulated Other Comprehensive Income(AOCI) instead appears on the balance sheet as part of…

Required information [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: $5 million per year) Net loss-pensions at Jan.1, 2021 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2021 Service cost Interest cost, 9% Loss (gain) on PBO Less: Retiree benefits End of 2021 Beginning of 2022 Service cost PBO $200 90 Interest cost, 9% Loss (gain) on PBO Less: Retiree benefits End of 2022 18 (2) (6) $300 PBO $300 41 27 4 (19) Beginning of 2021 Return on plan assets, 8.0% (10% expected) Cash contributions Less: Retiree benefits End of 2021 $353 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2022: ($ in millions) Plan Assets $150 Beginning of 2022 Return on plan assets, 15% (10 % expected) Cash contributions Less: Retiree benefits End of 2022 12 44 (6) $200 Plan Assets $200 30 33 (19) $35 million $50 million 10 years 9% $244

Required information [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: $5 million per year) Net loss-pensions at Jan.1, 2021 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate ($ in millions) Beginning of 2021 Service cost Interest cost, 9% Loss (gain) on PBO Less: Retiree benefits End of 2021 Beginning of 2022 Service cost PBO $200 90 Interest cost, 9% Loss (gain) on PBO Less: Retiree benefits End of 2022 18 (2) (6) $300 PBO $300 41 27 4 (19) Beginning of 2021 Return on plan assets, 8.0% (10% expected) Cash contributions Less: Retiree benefits End of 2021 $353 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2022: ($ in millions) Plan Assets $150 Beginning of 2022 Return on plan assets, 15% (10 % expected) Cash contributions Less: Retiree benefits End of 2022 12 44 (6) $200 Plan Assets $200 30 33 (19) $35 million $50 million 10 years 9% $244

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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Problem 1: The following selected post-retirement benefit accounts were lifted from the 2021 unadjusted trial balance of EMM Corp. No adjusting entry had been made yet at year end in relation to the post- retirement benefits related accounts. Prepaid Pension Expense, January 1, 2021 Pension expense for 2021, amount contributed to the plan 493,900 500,000 Additional information: The memorandum account balances and other off-books transactions are as follows: Plan asset at fair market value, January 1, 2021 Accumulated benefit obligation at present value, January 1, 2021 Payments to retirees at scheduled retirement in 2021 Payments to early retirees (settlement price) in 2021 Carrying value of accrued benefits of early retirees in 2021 P 3,245,400 P 2,751,500 P 350,000 P 300,000 P 220,000 P 535,000 P 275,000 Current service cost Past service cost recognized in the current year Settlement rate 12% Plan asset at fair market value, December 31, 2021 Accumulated benefit obligation at present…
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What is the fair value of the plan assets at December 31?
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