A partially completed pension spreadsheet showing therelationships among the elements that comprise the defined benefitpension plan of Universal Products is given below. The actuary'sdiscount rate is 5%. At the end of 2019, the pension formula wasamended, creating a prior service cost of $100,000. The expectedrate of return on assets was 8%, and the average remaining servicelife of the active employee group is 20 years in the current yearas well as the previous two years.
Required:
Fill in the missing amounts. (Enter your answers inthousands rounded to 1 decimal place.)
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| | | | Prior | | | | Net Pension | | | Plan | Service | Net Loss | Pension | | (Liability) | | ($ in thousands) | PBO | Assets | Cost – AOCI | – AOCI | Expense | Cash | / Asset | | Balance, Jan. 1, 2021 | $(700.0) | $400.0 | $95.0 | $70.0 | | | $(300.0) | | Service cost | | | | | 86.0 | | | | Interest cost, 5% | (35.0) | | | | | | | | Expected return on assets | | | | | (32.0) | | | | Adjust for: | | | | | | | | | Loss on assets | | | | 7.0 | | | | | Amortization: | | | | | | | | | Prior service cost | | | | | | | | | Amortization: | | | | | | | | | Net loss | | | | | | | | | Gain on PBO | | | | | | | 10.0 | | Prior service cost | | | | | | | | | Cash funding | | | | | | (70.0) | | | Retiree benefits | | | | | | | | | Balance, Dec. 31, 2021 | $(761.0) | $400.0 | $90.0 | $77.0 | $54.0 | | $(290.0) |
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