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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. 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 $340,000. 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.) Net Pension Prior Plan Service PBO Assets Cost - AOCI Net Loss Pension (Liability) - AOCI Expense Cash I Asset 90.0 $ 0.0 $ 0.0 $ (2600) 110.0 $ (900.0) $ 640.0 $ 3230 ($ in thousands) Balance, Jan 1, 2021 Service cost Interest cost, 5% Expected return on assets Adjust for Loss on assets (45.0) (512) 19.0 Amortization Prior service cost Amortization Net loss 34.0 Gain on PBO Pror service cost (94.0) Cash funding Retiree benefits $ $ 3060 $ $ 640.0 109 0 58 8 (226.0) $ (9710) $ Balance, Dec 31, 2021 ca 10 Neyt
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