CHAPTER 17 (14.)

The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2018:

	($ in 000s)
	Jan. 1				Dec. 31
Projected benefit obligation	$	5,500			$	5,780
Accumulated benefit obligation		3,785				4,090
Plan assets (fair value)		6,630				7,075
Interest (discount) rate, 8%
Expected return on plan assets, 10%
Prior service costAOCI (from Dec. 31, 2017, amendment)		980
Net lossAOCI		683
Average remaining service life: 10 years
Gain due to changes in actuarial assumptions						66
Contributions to pension fund (end of year)						480
Pension benefits paid (end of year)						435

Required:

Prepare a pension spreadsheet that shows the relationships among the various pension balances, shows the changes in those balances, and computes pension expense for 2018. (Enter credit amounts with a minus sign and debit amounts with a positive sign. Enter your answers in thousands (i.e. 200,000 should be entered as 200).)

BELOW IS THE PICTURE OF THE AMOUNTS I GOT WRONG

Answer is complete but not entirely correct. Prior ($ in 000) P Plan Assets Net Loss- AOCI Pension Expense Service Cost- AOCI 980 Cash 6,630 683 (5,500) 781 (440) Net Pension (Liability) 1 Asset 1,130 781 X (440) 663 (781) 440 (663) 663 (263) 263 (263) Balance, Jan. 1, 2018 Service cost Interest cost Expected return on assets Adjust for: Loss on assets Amortization of: Prior service cost Net loss Gain on PBO Cash funding Retiree benefits Bal., Dec. 31, 2018 70 X 70 (70) 2 (2) (66) 66 66 (480) 480 435 (4,658) 480 (435) 7,075 1,050 878 (1,072) 2,487