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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 $5\backslash \%.$ At the end of $2022,$ the pension formula was amended, creating a prior service cost of $\backslash (\backslash$$ $140,000\backslash ).$ The expected rate of return on assets was $\backslash (8\backslash \%\backslash ),$ 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.

$15$

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Note: Enter your answers in thousands $($i$.$e$.,5,500$ should be entered as $5\mathrm{.}5).$ Enter credit amounts with a minus sign.

$\backslash$begin$\{$tabular$\}\{|$c$|\}$

$\backslash$hline eBook $\backslash \backslash$

$\backslash$hline Hint $\backslash \backslash$

$\backslash$hline Print $\backslash \backslash$

$\backslash$hline References $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline $(\backslash$$ in thousands$)$ & PBO & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Plan Assets$\}$ & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Prior Service Cost$-$AOCI$\}$ & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Net Loss AOCI$\}$ & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Pension Expense$\}$ & $\backslash$multicolumn$\{2\}\{|$r$|\}\{$Cash$\}$ & $\backslash$multicolumn$\{2\}\{|$l$|\}\{$Net Pension $($Liability$)/$ Asset$\}\backslash \backslash$

$\backslash$hline Balance, January $1,2024$ & $\backslash$$ $(660\mathrm{.}0)$ & $\backslash$$ & $440\mathrm{.}0$ & $\backslash$$ & $133\mathrm{.}0$ & $\backslash$$ & $66\mathrm{.}0$ & $\backslash$$ & $0\mathrm{.}0$ & $\backslash$$ & $0\mathrm{.}0$ & $\backslash$$ & $\backslash ((220\mathrm{.}0)\backslash )\backslash \backslash$

$\backslash$hline Service cost & & & $0\mathrm{.}0$ & & $0\mathrm{.}0$ & & $0\mathrm{.}0$ & & $90\mathrm{.}0$ & & $0\mathrm{.}0$ & & $\backslash \backslash$

$\backslash$hline Interest cost, $5\backslash \%$ & $\backslash ((33\mathrm{.}0)\backslash )$ & & $0\mathrm{.}0$ & & & & & & & & & & $\backslash \backslash$

$\backslash$hline Expected return on assets & & & & & & & & & $\backslash ((35\mathrm{.}2)\backslash )$ & & & & $\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{14\}\{|$l$|\}\{$Adjust for:$\}\backslash \backslash$

$\backslash$hline Loss on assets & & & & & & & $9\mathrm{.}0$ & & & & & & $\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{14\}\{|$l$|\}\{$Amortization:$\}\backslash \backslash$

$\backslash$hline Prior service cost & & & & & & & & & & & & & $\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{14\}\{|$l$|\}\{$Amortization:$\}\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{14\}\{|$l$|\}\{$Net loss$\}\backslash \backslash$

$\backslash$hline Gain on PBO & & & & & & & & & & & & & $14\mathrm{.}0\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{14\}\{|$l$|\}\{$Prior service cost$\}\backslash \backslash$

$\backslash$hline Cash funding & & & & & & & & & & & $\backslash ((74\mathrm{.}0)\backslash )$ & & $\backslash \backslash$

$\backslash$hline $\backslash$multicolumn$\{14\}\{|$l$|\}\{$Retiree benefits$\}\backslash \backslash$

$\backslash$hline Balance, December $31,2024$ & $\backslash$$ $(719\mathrm{.}0)$ & $\backslash$$ & $440\mathrm{.}0$ & $\backslash$$ & $126\mathrm{.}0$ & $\backslash$$ & $75\mathrm{.}0$ & $\backslash$$ & $54\mathrm{.}8$ & & & $\backslash$$ & $(206\mathrm{.}0)\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

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