Styles Requirement 5: UWF LLC is a company who provides consulting services. UWF LLC sponsors a noncontributory, defined benefit pension plan. Tom Smith has been hired as a new employee, and is thinking about participating in the pension plan. He reviewed a copy of the company's 2021 financial statements to obtain additional information and investigate his new employer's obligation under the plan. Part of the pension disclosure note reads as follows Note 8: Retirement Benefits The Company has a defined benefit pension plan covering substantially all of its employees. The benefits are based on years of service and the employee's compensation during the last two years of employment. The company's funding policy is consistent with the funding requirements of federal law and regulations. Generally, pension costs accrued are funded. Plan assets consist primarily of stocks, bonds, commingled trust funds, and cash. The change in projected benefit obligation for the plan years ended December 31, 2021, and December 31, 2020. ($ in thousands) Projected benefit obligation at beginning of year Service cost Interest cost Actuarial (gain) loss Benefits paid Projected benefit obligation at end of year 2021 $3,786 103 287 302 (324) $4 154 2020 $3,715 94 284 (23) (284) $3,786 NO * Hissed Font Paragraph Projected benefit obligation at end of year Styles $4,154 $3,786 The weighted average discount rate and rate of increase in future compensation levels used in determining the actuarial present value of the projected benefit obligations in the above table were 7.0% and 4.3%, respectively, at December 31, 2021, and 7.75% and 4.7%, respectively, at December 31, 2020 The expected long-term rate of return on assets was 10.0% at December 31, 2021 and 2020. The change in the fair value of plan assets for the plan years ended December 31, 2021 and 2020. 2021 ($ in thousands) Fair value of plan assets at beginning of year Actual return on plan assets Employer contributions Benefits paid Fair value of plan assets at end of year $3,756 1,100 27 (324) $4,559 2020 $3,616 372 52 (284) $3,756 Included in the Consolidated Balance Sheets are the following components of accumulated other comprehensive income. ($ in thousands) Net actuarial gain Prior service cost 2021 $(620) 44 2020 $(165) 46 Net periodic defined benefit pension cost for fiscal 2021, 2020, and 2019 is included the following components. 2021 $ 103 287 2020 $ 94 284 ($ in thousands) Service cost Interest cost Expected return on plan assets Amortization of prior service cost Recognized net actuarial(gain) loss Net periodic pension cost (342) 2 (2) $ 48 (326) 2 2 $ 56 2019 $ 112 263 (296) 1 4 $ 84 Required: 1. What amount would the company report as a pension liability in the balance sheet for 2020? (Enter amount in thousands) 2. What amount would the company report as a pension asset in the balance sheet for 2021? (Enter amount in thousands) 3. Which of the other amounts reported in the disclosure note would the company report in the balance sheet? (Yes or No for each account listed in the table below) Tolga TOSS Styles Net penodic pension cost 22 48 $ $ 56 $ 84 Required: 1. What amount would the company report as a pension liability in the balance sheet for 2020? (Enter amount in thousands) 2. What amount would the company report as a pension asset in the balance sheet for 2021? (Enter amount in thousands) 3. Which of the other amounts reported in the disclosure note would the company report in the balance sheet? (Yes or No for each account listed in the table below) Enter answer in this column 1. Pension liability amount thousand 2. Pension asset amount thousand 3. Other amounts in disclosure note that should be reported in the balance sheet: Unrealized holding gain Net gain Prior service cost Foreign currency translation gain Yes or no Yes or no Yes or no Yes or no Styles Requirement 5: UWF LLC is a company who provides consulting services. UWF LLC sponsors a noncontributory, defined benefit pension plan. Tom Smith has been hired as a new employee, and is thinking about participating in the pension plan. He reviewed a copy of the company's 2021 financial statements to obtain additional information and investigate his new employer's obligation under the plan. Part of the pension disclosure note reads as follows Note 8: Retirement Benefits The Company has a defined benefit pension plan covering substantially all of its employees. The benefits are based on years of service and the employee's compensation during the last two years of employment. The company's funding policy is consistent with the funding requirements of federal law and regulations. Generally, pension costs accrued are funded. Plan assets consist primarily of stocks, bonds, commingled trust funds, and cash. The change in projected benefit obligation for the plan years ended December 31, 2021, and December 31, 2020. ($ in thousands) Projected benefit obligation at beginning of year Service cost Interest cost Actuarial (gain) loss Benefits paid Projected benefit obligation at end of year 2021 $3,786 103 287 302 (324) $4 154 2020 $3,715 94 284 (23) (284) $3,786 NO * Hissed Font Paragraph Projected benefit obligation at end of year Styles $4,154 $3,786 The weighted average discount rate and rate of increase in future compensation levels used in determining the actuarial present value of the projected benefit obligations in the above table were 7.0% and 4.3%, respectively, at December 31, 2021, and 7.75% and 4.7%, respectively, at December 31, 2020 The expected long-term rate of return on assets was 10.0% at December 31, 2021 and 2020. The change in the fair value of plan assets for the plan years ended December 31, 2021 and 2020. 2021 ($ in thousands) Fair value of plan assets at beginning of year Actual return on plan assets Employer contributions Benefits paid Fair value of plan assets at end of year $3,756 1,100 27 (324) $4,559 2020 $3,616 372 52 (284) $3,756 Included in the Consolidated Balance Sheets are the following components of accumulated other comprehensive income. ($ in thousands) Net actuarial gain Prior service cost 2021 $(620) 44 2020 $(165) 46 Net periodic defined benefit pension cost for fiscal 2021, 2020, and 2019 is included the following components. 2021 $ 103 287 2020 $ 94 284 ($ in thousands) Service cost Interest cost Expected return on plan assets Amortization of prior service cost Recognized net actuarial(gain) loss Net periodic pension cost (342) 2 (2) $ 48 (326) 2 2 $ 56 2019 $ 112 263 (296) 1 4 $ 84 Required: 1. What amount would the company report as a pension liability in the balance sheet for 2020? (Enter amount in thousands) 2. What amount would the company report as a pension asset in the balance sheet for 2021? (Enter amount in thousands) 3. Which of the other amounts reported in the disclosure note would the company report in the balance sheet? (Yes or No for each account listed in the table below) Tolga TOSS Styles Net penodic pension cost 22 48 $ $ 56 $ 84 Required: 1. What amount would the company report as a pension liability in the balance sheet for 2020? (Enter amount in thousands) 2. What amount would the company report as a pension asset in the balance sheet for 2021? (Enter amount in thousands) 3. Which of the other amounts reported in the disclosure note would the company report in the balance sheet? (Yes or No for each account listed in the table below) Enter answer in this column 1. Pension liability amount thousand 2. Pension asset amount thousand 3. Other amounts in disclosure note that should be reported in the balance sheet: Unrealized holding gain Net gain Prior service cost Foreign currency translation gain Yes or no Yes or no Yes or no Yes or no