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POINTS 9 Points REQUIREMENT1 Identify whether the following items increase () or decrease (D) the existing balance in the pension accounts provided below. If the transaction does not affect a particular account, indicate no effect (NE) OCI- Unrecognized Gain/Loss Transaction Pension Cash PBO lan Assets Expense Interest costs Amortization of a gain balance in the unrecognized gain/loss account Recognition of current period asset return Assume the actual asset retum is less than the expected asset return and that both returns are positive. Also assume the OCI Unrecognized Gain/Loss account had a gain balance at the beginning of the year. REQUIREMENT 2 Explain the significance of each of the following items found on corporate financial statements. Note that not all items would necessarily be found on the statements of a single company 1. "Pension Asset/Liability" found in the asset section of the balance sheet. 2. "Pension Asset/Liability" found in the liability section of the balance sheet. 3. "Prior Service Cost found as part of Accumulated Other Comprehensive Income in the equity section of the balance sheet. 4."Pension Expense" found on the income statement. POINTS 9 Points REQUIREMENT1 Identify whether the following items increase () or decrease (D) the existing balance in the pension accounts provided below. If the transaction does not affect a particular account, indicate no effect (NE) OCI- Unrecognized Gain/Loss Transaction Pension Cash PBO lan Assets Expense Interest costs Amortization of a gain balance in the unrecognized gain/loss account Recognition of current period asset return Assume the actual asset retum is less than the expected asset return and that both returns are positive. Also assume the OCI Unrecognized Gain/Loss account had a gain balance at the beginning of the year. REQUIREMENT 2 Explain the significance of each of the following items found on corporate financial statements. Note that not all items would necessarily be found on the statements of a single company 1. "Pension Asset/Liability" found in the asset section of the balance sheet. 2. "Pension Asset/Liability" found in the liability section of the balance sheet. 3. "Prior Service Cost found as part of Accumulated Other Comprehensive Income in the equity section of the balance sheet. 4."Pension Expense" found on the income statement