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PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU! Exercise 17-15 (Algo) Pension spreadsheet (LO17-8] A partially completed pension spreadsheet showing the
PLEASE PUT SOLUTION IN THE SAME FORMAT AS THE IMAGE. THANK YOU!
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 $200,000. 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.) Prior Plan Service Assets Cost - AOCI S 700.0 S 190.0 Net Loss - AOCI S 96.01 Pension Expense Net Pension (Liability) Asset $ (260.0) PBO $ (960.0) Cash 116.0 (480) (56.0) 22.0 ($ in thousands) Balance, Jan. 1, 2021 Service cost Interest cost, 5% Expected return on assets Adjust for: Loss on assets Amortization: Prior service cost Amortization: Net loss Gain on PBO Prior service cost Cash funding Retiree benefits Balance, Dec 31, 2021 20.0 (100.0)| S (1,054.0) $ 700.0 S 180.0 S 118.0 $ 60.0 S (240.0)
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