Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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 $220.000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year as well as the previous two years. Required: Fill in the missing amounts. (Enter your answers in thousands rounded to 1 decimal place.) Prior Net Pension Plan Service Net Loss Pension (Liability) ($ in thousands) Expense Cash I Asset PBO Assets Cost - AOCI - AOCI $ (980.0)| $ 720.00 $ 209.05 98.0 Balance, Jan. 1. 2021 $260.0) Service cost 118.0 Interest cost, 5% (49.0) (57.6) Expected return on assets Adjust for: Loss on assets 23.0 Amortization: Prior service cost Amortization: Net loss Gain on PBO 22.01 Prior service cost Cash funding (102.0) Retiree benefits Balance, Dec 31, 2021 $(1.075.0) 198.0
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started