The following incomplete (columns have missing amounts) pension spreadsheet is for Old Tucson Corporation (OTC). ($ in millions) Debit (Credit) Beginning balance Service cost Interest cost Expected return on assets Gain/loss on assets Amortization of: Prior service cost Net gain/loss Loss on PBO Contributions to fund Retiree benefits paid Ending balance What is OTC's pension expense for the year? Multiple Choice O $78.00 million $16.50 million O $79.50 million $88.50 million PBO (530) (28) Prior Net Plan Service (Gain) Pension Net Pension Assets Cost Loss Expense Cash (Liability)/Asset 67 49 (49) (610) 306 (9) 63 (3.50) 28 87 71 (26) (26) (304)

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The following incomplete (columns have missing amounts) pension spreadsheet is for Old Tucson Corporation (OTC).
($ in millions) Debit (Credit)
Beginning balance
Service cost
Interest cost
Expected return on assets
Gain/loss on assets
Amortization of:
Prior service cost
Net gain/loss
Loss on PBO
Contributions to fund
Retiree benefits paid
Ending balance
What is OTC's pension expense for the year?
Multiple Choice
$78.00 million
$16.50 million
$79.50 million
$88.50 million
PBO
(530)
(28)
49
(610)
Prior Net
Plan Service (Gain) Pension
Assets Cost
(49)
306
(9)
63
Net Pension
Loss Expense Cash (Liability)/Asset
67
(3.50)
28
87
71
(26)
(26)
(304)
Transcribed Image Text:The following incomplete (columns have missing amounts) pension spreadsheet is for Old Tucson Corporation (OTC). ($ in millions) Debit (Credit) Beginning balance Service cost Interest cost Expected return on assets Gain/loss on assets Amortization of: Prior service cost Net gain/loss Loss on PBO Contributions to fund Retiree benefits paid Ending balance What is OTC's pension expense for the year? Multiple Choice $78.00 million $16.50 million $79.50 million $88.50 million PBO (530) (28) 49 (610) Prior Net Plan Service (Gain) Pension Assets Cost (49) 306 (9) 63 Net Pension Loss Expense Cash (Liability)/Asset 67 (3.50) 28 87 71 (26) (26) (304)
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