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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 $260,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year as well as the previous two years. Required: Fill in the missing amounts. (Enter your answers in thousands rounded to 1 decimal place.) ($ 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 Prior Net Pension PBO Plan Assets Service Cost AOCI Net Loss Pension -AOCI Expense (Liability) Cash Asset $ (1,020.0) $ 760.0 $ 247.0 $ 102.0 (260.0) 122.0 (51.0) 25.0 (60.8) Retiree benefits Balance, Dec. 31, 2021 $ (1,117.0) $ 760.0 $ 234.0 $ 127.0 61.2 (106.0) 26.0 (234.0)
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