3. Prepare a pension spreadsheet to assist you in determining end of 2024 balances in the PBO, plan assets, prior service cost-AOCI, the net loss-AOCI, and the pension liability. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Enter credit amounts with a minus sign and debit amounts with a positive sign. ($ in millions) Balance, January 1, 2024 Service cost Interest cost, 8% Expected return on assets Loss on assets Amortization of: Prior service cost-AOCI Net loss-AOCI Gain or Loss on PBO Cash contributions Retiree benefits Balance, December 31, 2024 PBO (300) (48) (24) (372) Plan Assets 200 200 Answer is not complete. Prior Service Cost- AOCI 0 Net Loss -AOCI Pension Expense 48 24 72 Cash Net Pension (Liability) or Asset
3. Prepare a pension spreadsheet to assist you in determining end of 2024 balances in the PBO, plan assets, prior service cost-AOCI, the net loss-AOCI, and the pension liability. Note: Enter your answers in millions (i.e., 10,000,000 should be entered as 10). Enter credit amounts with a minus sign and debit amounts with a positive sign. ($ in millions) Balance, January 1, 2024 Service cost Interest cost, 8% Expected return on assets Loss on assets Amortization of: Prior service cost-AOCI Net loss-AOCI Gain or Loss on PBO Cash contributions Retiree benefits Balance, December 31, 2024 PBO (300) (48) (24) (372) Plan Assets 200 200 Answer is not complete. Prior Service Cost- AOCI 0 Net Loss -AOCI Pension Expense 48 24 72 Cash Net Pension (Liability) or Asset
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter19: Accounting For Post Retirement Benefits
Section: Chapter Questions
Problem 5RE
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