Required information
[The following information applies to the questions displayed below.] Actuary and trustee reports indicate the following changes in the PBO and plan assets of Lakeside Cable during 2018:
| | | | |
| Prior service cost at Jan. 1, 2018, from plan amendment at the beginning of 2016 (amortization: $4 million per year) | $ | 32 | million |
| Net losspensions at Jan.1, 2018 (previous losses exceeded previous gains) | $ | 40 | million |
| Average remaining service life of the active employee group | | 10 | year |
| Actuarys discount rate | | 8 | % |
| |
($ in millions)
| | PBO | | Plan Assets |
| Beginning of 2018 | $ | 300 | | Beginning of 2018 | | $ | 200 | | |
| Service cost | | 48 | | | | | | | |
| Interest cost, 8% | | 24 | | Return on plan assets, 7.5% (10% expected) | | | 15 | | |
| Loss (gain) on PBO | | (2 | ) | Cash contributions | | | 45 | | |
| Less: Retiree benefits | | (20 | ) | Less: Retiree benefits | | | (20 | ) | |
| End of 2018 | $ | 350 | | End of 2018 | | $ | 240 | | |
| |
7. Prepare a pension spreadsheet to assist you in determining end of 2018 balances in the PBO, plan assets, prior service costAOCI, the net lossAOCI, 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.)
Required Informatlon IThe following Information appliles to the questions displayed below. Actuary and trustee reports Indicate the following changes In the PBO and plan assets of Lakeslde Cable during 2018: Part 7 of 7 Prior service cost at Jan. 1, 2018, from plan amendment at the 10 points beginning of 2016 (amortization: $4 million per year) Net loss-pensions at Jan.1, 2018 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate $32 million $40 million 1e year Skipped S In milllons) an Assets $280 eBook Beginning of 2018 Service cost $3e Beginning of 2018 48 Return on plan assets, 7.5% (10% expected) Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2018 15 45 (2e $240 24 (2) Cash contributions Ask (20) Less: Retiree benefits $350 End of 2818 Print References 7. Prepare a penslon spreadsheet to assist you In determining end of 2018 balances In the PBO, plan assets, prior service cost-AOCI the net loss-AOCI, and the pension liability. (Enter your answers In milllons rounded to 1 declmal place (.e., 5,500,000 should be entered as 5.5). Enter credit amounts with a minus sign and deblt amounts with a positive sign.) Net Pension Prior Service Net Loss Plan Assets Cost-AOci (Liability)/ Asset $ in millions) PBO Cash Bal.. Jan. 1, 2019 Service cost Interest cost 8% Expected return on assets Gain on assets Amortization of. Prior service cost-AOC Net loss-AOCI Loss on PBO Cash contributions Retiree benefits Bal., Dec. 31, 2019 0.0 0.0 0.0 0.0 0.0 0.0 Required Informatlon IThe following Information appliles to the questions displayed below. Actuary and trustee reports Indicate the following changes In the PBO and plan assets of Lakeslde Cable during 2018: Part 7 of 7 Prior service cost at Jan. 1, 2018, from plan amendment at the 10 points beginning of 2016 (amortization: $4 million per year) Net loss-pensions at Jan.1, 2018 (previous losses exceeded previous gains) Average remaining service life of the active employee group Actuary's discount rate $32 million $40 million 1e year Skipped S In milllons) an Assets $280 eBook Beginning of 2018 Service cost $3e Beginning of 2018 48 Return on plan assets, 7.5% (10% expected) Interest cost, 8% Loss (gain) on PBO Less: Retiree benefits End of 2018 15 45 (2e $240 24 (2) Cash contributions Ask (20) Less: Retiree benefits $350 End of 2818 Print References 7. Prepare a penslon spreadsheet to assist you In determining end of 2018 balances In the PBO, plan assets, prior service cost-AOCI the net loss-AOCI, and the pension liability. (Enter your answers In milllons rounded to 1 declmal place (.e., 5,500,000 should be entered as 5.5). Enter credit amounts with a minus sign and deblt amounts with a positive sign.) Net Pension Prior Service Net Loss Plan Assets Cost-AOci (Liability)/ Asset $ in millions) PBO Cash Bal.. Jan. 1, 2019 Service cost Interest cost 8% Expected return on assets Gain on assets Amortization of. Prior service cost-AOC Net loss-AOCI Loss on PBO Cash contributions Retiree benefits Bal., Dec. 31, 2019 0.0 0.0 0.0 0.0 0.0 0.0
