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 2005, the pension formula was amended, creating a prior service cost of $120,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year as well as the previous two years. Required: Copy the incomplete spreadsheet and fill in the missing amounts. Informal Records Formal Records ( )s indicate credits; Prior Net Prepaid debits otherwise Plan Service Loss? Pension (Liability) ($ in 000s) PBO Assets Cost Pensions Expense Cash / Asset Balance, Jan. 1, 2007 (800) 600 114 80 (200) Service cost 84 Interest cost, 5% (40) Expected return on assets (48) Adjust for: Loss on assets 6 Amortization: Prior service cost Amortization: Net loss E 17?13 Pension spreadsheet LO8 E 17?12 Determining the amortization of net loss or net gain LO6 E 17?11 PBO calculations; ABO calculations; present value concepts LO1 LO2 LO3 870 SECTION 3 Financial Instruments and Liabilities Gain on PBO 12 Prior service cost 0 Cash funding (68) Retiree benefits Balance, Dec. 31, 2007 (862) 108