Exercise 17-15 (Algo) Pension spreadsheet [LO17-8]

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.)

Answer is not complete.

			Prior				Net Pension
		Plan	Service	Net Loss	Pension		(Liability)
($ in thousands)	PBO	Assets	Cost AOCI	AOCI	Expense	Cash	/ Asset
Balance, Jan. 1, 2021	$(900.0)	$640.0	$323.0	$90.0	not attempted	not attempted	$(260.0)
Service cost	(110.0)selected answer correct	not attempted	not attempted	not attempted	110.0	not attempted	(110.0)selected answer correct
Interest cost, 5%	(45.0)	not attempted	not attempted	not attempted	not attempted	not attempted	(45.0)selected answer correct
Expected return on assets	not attempted	not attempted	not attempted	not attempted	(51.2)	not attempted	51.2selected answer correct
Adjust for:
Loss on assets	not attempted	not attempted	not attempted	19.0	not attempted	not attempted	not attempted
Amortization:
Prior service cost	not attempted	not attempted	(17.0)selected answer correct	not attempted	not attempted	not attempted	not attempted
Amortization:
Net loss	not attempted	not attempted	not attempted	not attempted	not attempted	not attempted	not attempted
Gain on PBO	34.0selected answer correct	not attempted	not attempted	not attempted	not attempted	not attempted	34.0
Prior service cost	not attempted	not attempted	not attempted	not attempted	not attempted	not attempted	not attempted
Cash funding	not attempted	not attempted	not attempted	not attempted	not attempted	(94.0)	not attempted
Retiree benefits	50.0selected answer correct	(50.0)selected answer correct	not attempted	not attempted	not attempted	not attempted	not attempted
Balance, Dec. 31, 2021	$(971.0)	$590.0	$306.0	$109.0	$58.8		$(329.8)