The funded status of Patel Paneling Incorporated's defined benefit pension plan and the balances in prior service cost and the net gain−pensions, are given below. ($ in thousands) 2024 Beginning Balances 2024 Ending Balances Projected benefit obligation $ 2,300 $ 2,501 Plan assets 2,400 2,591 Funded status 100 90 Prior service cost—AOCI 325 300 Net gain–AOCI 330 300 Retirees were paid $270,000, and the employer contribution to the pension fund was $245,000 at the end of 2024. The expected rate of return on plan assets was 10%, and the actuary’s discount rate is 7%. There were no changes in actuarial estimates and assumptions regarding the PBO. Determine the actual return on plan assets of 2024. Determine the loss or gain on plan assets of 2024. Determine the service cost of 2024. Determine the pension expense of 2024. Determine the average remaining service life of active employees (used to determine amortization of the net gain) for 2024. Note: For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200). 1. Actual return $216 thousand2.Loss on plan assets $24 thousand3. Service cost $310 thousand4. Pension expense $250 thousand5. Average service period ? years
The funded status of Patel Paneling Incorporated's defined benefit pension plan and the balances in prior service cost and the net gain−pensions, are given below.
| ($ in thousands) | ||
| 2024 Beginning Balances | 2024 Ending Balances | |
|---|---|---|
| Projected benefit obligation | $ 2,300 | $ 2,501 |
| Plan assets | 2,400 | 2,591 |
| Funded status | 100 | 90 |
| Prior service cost—AOCI | 325 | 300 |
| Net gain–AOCI | 330 | 300 |
Retirees were paid $270,000, and the employer contribution to the pension fund was $245,000 at the end of 2024. The expected
Determine the actual return on plan assets of 2024.
Determine the loss or gain on plan assets of 2024.
Determine the service cost of 2024.
Determine the pension expense of 2024.
Determine the average remaining service life of active employees (used to determine amortization of the net gain) for 2024.
Note: For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200).
1. Actual return $216 thousand
2.Loss on plan assets $24 thousand
3. Service cost $310 thousand
4. Pension expense $250 thousand
5. Average service period ? years
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