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show answers + details A partially completed pension spreadsheet showing the relationships among the elements that comprise the defined benefit pension plan of Universal Products
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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 $320,000. 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.) Plan Prior Service Net Loss PBO Assets Cost - AOCI AOCI $ (880.0) $ 620.0 $ 304.0 $ 88.0 Pension Expense Net Pension (Liability) 1 Asset $ (260.0) Cash 108.0 (44.0) ($ in thousands) Balance, Jan. 1, 2021 Service cost Interest cost, 5% Expected return on assets Adjust for: Loss on assets Amortization: Prior service cost (49.6) 18.0 Amortization: 32.0 Net loss Gain on PBO Prior service cost Cash funding Retiree benefits Balance, Dec. 31, 2021 (92.0) $ (950.0) $ 620.01$ 288.0 $ 106.0 $ 58.4 $ (228.0)Step by Step Solution
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