The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2024: ($ in thousands) Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Interest (discount) rate, 8% Expected return on plan assets, 10% Prior service cost-AOCI (from December 31, 2023, amendment) Net loss-AOCI Average remaining service life: 10 years Gain due to changes in actuarial assumptions Contributions to pension fund (end of year) Pension benefits paid (end of year) January 1 $ 5,200 3,770 6,180 950 638 December 31 $5,480 4,060 6,625 60 450 405 Required: Prepare a pension spreadsheet that shows the relationships among the various pension balances, shows the changes in those balances, and computes pension expense for 2024. Note: Enter credit amounts with a minus sign and debit amounts with a positive sign. Enter your answers in thousands (i.e. 200,000 should be entered as 200).
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2024: ($ in thousands) Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Interest (discount) rate, 8% Expected return on plan assets, 10% Prior service cost-AOCI (from December 31, 2023, amendment) Net loss-AOCI Average remaining service life: 10 years Gain due to changes in actuarial assumptions Contributions to pension fund (end of year) Pension benefits paid (end of year) January 1 $ 5,200 3,770 6,180 950 638 December 31 $5,480 4,060 6,625 60 450 405 Required: Prepare a pension spreadsheet that shows the relationships among the various pension balances, shows the changes in those balances, and computes pension expense for 2024. Note: Enter credit amounts with a minus sign and debit amounts with a positive sign. Enter your answers in thousands (i.e. 200,000 should be entered as 200).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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T4.
![Problem 17-15 (Algo) Comprehensive-pension elements; spreadsheet [LO17-8]
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2024:
($ in thousands)
Projected benefit obligation
Accumulated benefit obligation
Plan assets (fair value)
Interest (discount) rate, 8%
Expected return on plan assets, 10%
Prior service cost-AOCI (from December 31, 2023, amendment)
Net loss-AOCI
Average remaining service life: 10 years
Gain due to changes in actuarial assumptions
Contributions to pension fund (end of year)
Pension benefits paid (end of year)
January 1
$ 5,200
3,770
6,180
950
638
December 31
$ 5,480
4,060
6,625
60
450
405
Required:
Prepare a pension spreadsheet that shows the relationships among the various pension balances, shows the changes in those
balances, and computes pension expense for 2024.
Note: Enter credit amounts with a minus sign and debit amounts with a positive sign. Enter your answers in thousands (i.e.
200,000 should be entered as 200).](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff45f1cd3-5ba1-46ed-898f-d6d425cb9227%2Fa8f209d3-ca25-4c16-886f-15156a61f11b%2F91xl9q_processed.png&w=3840&q=75)
Transcribed Image Text:Problem 17-15 (Algo) Comprehensive-pension elements; spreadsheet [LO17-8]
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2024:
($ in thousands)
Projected benefit obligation
Accumulated benefit obligation
Plan assets (fair value)
Interest (discount) rate, 8%
Expected return on plan assets, 10%
Prior service cost-AOCI (from December 31, 2023, amendment)
Net loss-AOCI
Average remaining service life: 10 years
Gain due to changes in actuarial assumptions
Contributions to pension fund (end of year)
Pension benefits paid (end of year)
January 1
$ 5,200
3,770
6,180
950
638
December 31
$ 5,480
4,060
6,625
60
450
405
Required:
Prepare a pension spreadsheet that shows the relationships among the various pension balances, shows the changes in those
balances, and computes pension expense for 2024.
Note: Enter credit amounts with a minus sign and debit amounts with a positive sign. Enter your answers in thousands (i.e.
200,000 should be entered as 200).
Transcribed Image Text:($ in thousands)
Balance, January 1, 2024
Service cost
Interest cost
Expected return on assets
Adjust for:
Loss on assets
Amortization of:
Prior service cost
Net loss
Gain on PBO
Cash funding
Retiree benefits
Balance, December 31, 2024
PBO
Plan Assets
Prior Service Net Loss-
Cost-AOCI
AOCI
Pension
Expense
Cash
Net Pension
(Liability) or
Asset
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