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Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2021: Prior service cost at Jan. 1,
Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2021: Prior service cost at Jan. 1, 2021, from plan amendment at the beginning of 2019 (amortization: $6 million per year) Net loss-pensions at Jan.1, 2021 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate $36 million $64 million 10 years 10% ($ in millions) PBO Plan Assets $200 $340 48 Beginning of 2021 Service cost Interest cost, 109 Loss (gain) on PBO Less: Retireenefit End of 2021 34 (2) (30) $390 Beginning of 2021 Return on plan assets, 9.5% (10% expected) Cash contributions Less: Retiree benefits End of 2021 19 61 (30) $250 Assume the following actuary and trustee reports indicating changes in the PBO and plan assets of Lakeside Cable during 2022 ($ in millions) Plan Assets $250 Beginning of 2022 Service cost Interest cost, 108 Loss (gain) on PBO Less: Retiree benefits End of 2022 PBO $390 42 39 5 (20) $456 Beginning of 2022 Return on plan assets, 16% (10% expected) Cash contributions Less: Retiree benefits End of 2022 40 34 (20) $304 7. Prepare a pension spreadsheet to assist you in determining end of 2022 balances in the PBO, plan assets, prior service cost-AOCI, the net loss-AOCI, and the pension liability. (Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). Enter credit amounts with a minus sign and debit amounts with a positive sign.) & Answer is not complete. ($ in millions) PBO Plan Assets Prior Service Cost- Net Loss -AOCI Pension Expense Cash Net Pension (Liability) 1 Asset 250.0 Bal., Jan. 1, 2022 Service cost Interest cost, 10% Expected return on assets Gain on assets Amortization of (390.0) (42.0) (39.0) 25.0 Prior service cost-AOCI Net loss-AOCI Loss on PBO Cash contributions Retiree benefits Bal., Dec. 31, 2022 (471.0) 275.0 0.0 0.0 0.0 0.0
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