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ter 17 Assessment A partially completed pension spreadsheet showing the relationships among the elements that comprise the defined benefit pension plan of Universal Products is
ter 17 Assessment 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 2016, the pension formula was amended, creating a prior service cost of $260,000. 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 credit amounts with a minus sign and debit amounts with a positive sign.) Plan Service Net Loss Assets Cost - AOCI - AOCI S (1,020) $ 760 5 2475 1021 Pension Expense Net Pension (Liability) Asset $ (260) 122 (51) (50 80) ho 25 15 in Oos) Balance, Jan 1. 2018 Service cost Interest cost 5% Expected roumon assets Adjust for Loss on assets Amortization Prior service cost Amortization Netloss Gain on PBO Prior service cost Cash funding Retiree benefits Balance, Dec 31, 2018 26 (106) $ (1,117) $ 234 aint Bernard HONTH CALENRAR
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