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A partially completed pension spreadsheet showing the relationships among the elements that comprise the defined benefit pension plan of Universal Products is given below.
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 $120,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year as well as the previous two years. Required: Fill in the missing amounts. (Enter your answers in thousands rounded to 1 decimal place.) Prior Net Pension Balance, Jan. 1, 2021 Service cost ($ in thousands) PBO $ (680.0) $ 420.0 $ 114.0 $ Plan Assets Service Cost-AOCI Net Loss - AOCI Pension Expense (Liability) Cash /Asset 68.0 $ (260.0) 88.0 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 (34.0) 8.0 (33.6) Balance, Dec. 31, 2021 $ (740.0) $ 420.0 $ 108.0 $ 76.0 $ 54.4 12.0 (72.0) $ (248.0)
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