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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: 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

FINANCIAL ACCOUNTING
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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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
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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