The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2024: ($ in thousands) January 1 December 31 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) $ 4,200 3,720 4,680 $ 4,480 3,960 5,125 850 488 40 350 305 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). ($ in thousands) Balance, January 1, 2024 Service cost Interest cost Expected return on assets Adjust for: Net Pension PBO Plan Assets Prior Service Net Loss- Pension Cost-AOCI AOCI Expense Cash (Liability) or Asset
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2024: ($ in thousands) January 1 December 31 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) $ 4,200 3,720 4,680 $ 4,480 3,960 5,125 850 488 40 350 305 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). ($ in thousands) Balance, January 1, 2024 Service cost Interest cost Expected return on assets Adjust for: Net Pension PBO Plan Assets Prior Service Net Loss- Pension Cost-AOCI AOCI Expense Cash (Liability) or Asset
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter19: Accounting For Post Retirement Benefits
Section: Chapter Questions
Problem 1E
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![The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2024:
($ in thousands)
January 1
December 31
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)
$ 4,200
3,720
4,680
$ 4,480
3,960
5,125
850
488
40
350
305
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).
($ in thousands)
Balance, January 1, 2024
Service cost
Interest cost
Expected return on assets
Adjust for
PBO
Plan Assets
Prior Service Net Loss-
Cost-AOCI AOCI
Pension
Expense
Cash
Net Pension
(Liability) or
Asset](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8b10cb38-ae6c-4a56-9343-37fd8367c5e1%2Fef94c5e1-0b5b-4bb7-b623-70dd1367671c%2Fuaa019_processed.png&w=3840&q=75)
Transcribed Image Text:The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2024:
($ in thousands)
January 1
December 31
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)
$ 4,200
3,720
4,680
$ 4,480
3,960
5,125
850
488
40
350
305
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).
($ in thousands)
Balance, January 1, 2024
Service cost
Interest cost
Expected return on assets
Adjust for
PBO
Plan Assets
Prior Service Net Loss-
Cost-AOCI AOCI
Pension
Expense
Cash
Net Pension
(Liability) or
Asset
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