A Partially Completed Pension Spreadsheet Showing The Relationships Among The Elements That Comprise The Defined Benefit 1 (23.86 KiB) Viewed 36 times
A partially completed pension spreadsheet showing the relationships among the elements that comprise the defined benefit pension plan of Universal Products is given below. The actuary's discount rate is 5%. At the end of 2019, the pension formula was amended, creating a prior service cost of $120,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year as well as the previous two years. Required: Fill in the missing amounts. (Enter your answers in thousands rounded to 1 decimal place.) Answer is not complete. Prior Net Pension (Liability) Plan Pension Service Cost - AOCI Net Loss - AOCI ($ in thousands) PBO Assets Expense Cash Asset
Prior Net Pension (Liability) Plan Pension Net Loss - AOCI PBO Assets $ (680.0) 0.0 % (34.0) 0.0 $ Service Cost - AOCI $ 114.0 0.0 0.0 0.0 $ 420.0 0.0 0.0 68.0 0.0 0.0 0.0 Expense Cash $ 0.0 $ 0.0 88.0 0.0 0.0 X 0.0 (33.6) 1 Asset $ (260.0) 0.0 0.0 % 0.0 % 0.0 0.0 % 0.0 8.0 0.0 0.0 0.0 % ($ in thousands) Balance, Jan. 1, 2021 Service cost Interest cost, 5% Expected return on assets Adjust for: Loss on assets Amortization: Prior service cost Amortization: Net loss Gain on PBO Prior service cost Cash funding Retiree benefits Balance, Dec. 31, 2021 0.0 0.0 0.0 % 0.0 0.0 X 0.0 0.0 0.0 0.0 % 12.0 0.0 0.0 0.0 % 0.0 0.0 0.0 $ (740.0) 0.0 0.0 0.0 0.0 % 0.0 % $ 420.0 0.0 0.0 0.0 0.0 0.0 $ 108.0 >> 0.0 0.0 0.0 0.0 0.0 54.4 0.0 0.0 0.0 (72.0) 0.0 0.0 0.0 76.0 0.0 0.0 X 0.0 $ (248.0) $ $
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