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 2019, the pension formula was amended, creating a prior service cost of $280,000. 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 your answers in thousands rounded to 1 decimal place.)
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- Given the following information for Tyler Companys pension plan at the beginning of the year, calculate the corridor, excess net loss (gain), and amortized net loss (gain). Assume an average remaining service life of 15 years.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 2019, the pension formula was amended, creating a prior service cost of $220,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year as well as the previous two years. Required: Fill in the missing amounts. (Enter your answers in thousands rounded to 1 decimal place.) Answer is complete but not entirely correct. Net Pension Prior Net Plan Service Pension (Liability) Loss ($ in thousands) Cost - AOCI I Asset PBO Assets - AOCI Expense Cash Balance, Jan. 1, 2021 $ (580.0) $ 520.0 $ 209.0 $ 58.0 0.0 O $ 0.0 O $ (60.0) Service cost (118.0) 8 0.0 O 0.0 0.0 98.0 0.0 V (118.0) X Interest cost, 5% (29.0) 0.0 O 0.0 V 0.0 49.0 X 0.0 O (49.0) X Expected return on assets 0.0 O 57.6 X 0.0…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 2019, the pension formula was amended, creating a prior service cost of $220,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year as well as the previous two years. Required: Fill in the missing amounts. (Enter your answers in thousands rounded to 1 decimal place.) ($ in thousands) Balance, Jan. 1, 2021 Service cost Interest cost, 5% Expected return on assets Adjust for: Loss on assets Amortization: Prior service cost Amortization: Net loss Gain on PBO Prior service cost Cash funding Retiree benefits Balance, Dec. 31, 2021 PBO $ (980.0) $ 720.0 (49.0) Plan Assets $ (1.075.0) Prior Service Cost - AOCI $ 209.0 $ 198.0 Net Loss - AOCI S 98.0 23.0 Pension Expense 118.0 (57.6)…
- 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 2019, the pension formula was amended, creating a prior service cost of $240,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year as well as the previous two years. Required: Fill in the missing amounts. (Enter your answers in thousands rounded to 1 decimal place.) ($ in thousands) Balance, Jan. 1, 2021 Service cost Interest cost, 5% Expected return on assets Adjust for: Loss on assets Amortization: Prior service cost Amortization: Net loss Gain on PBO Prior service cost Cash funding Retiree benefits Balance, Dec. 31, 2021 Plan Assets Net Loss - AOCI S (560.0) $ 540.0 S 228.0 $ 56.0 PBO (28.0) Prior Service Cost - AOCI S (614.0) S 540.0 $ 69 216.0 $ 14.0 70.0 Pension…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 2019, the pension formula was amended, creating a prior service cost of $160,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year as well as the previous two years. Required:Fill in the missing amounts. (Enter your answers in thousands rounded to 1 decimal place.) Prior Net Pension Plan Service Net Loss Pension (Liability) ($ in thousands) PBO Assets Cost – AOCI – AOCI Expense Cash / Asset Balance, Jan. 1, 2021 $(920.0) $660.0 $152.0 $92.0 $(260.0) Service cost 112.0 Interest cost, 5% (46.0) Expected return on assets (52.8) Adjust for: Loss on assets 20.0…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 2019, the pension formula was amended, creating a prior service cost of $120,000. 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.
- A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Inc.'s defined benefit pension plan follows. Six years earlier, Carney revised its pension formula and recalculated benefits earned by employees in prior years using the more generous formula. The prior service cost created by the recalculation is being amortized at the rate of $5 million per year. At the end of 2021, the pension formula was amended again, creating an additional prior service cost of $40 million. The expected rate of return on assets and the actuary's discount rate were 10%, and the average remaining service life of the active employee group is 10 years. Required: Fill in the missing amounts. Prepare the 2021 journal entry to record pension expense. Prepare the journal entry(s) to record any 2021 gains and losses and new prior service cost in 2021. Prepare the 2021 journal entries to record (a) the cash contribution to plan assets and (b) the payment of…t 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 2022, the pension formula was amended, creating a prior service cost of $220,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year, as well as, the previous two years. Required: Fill in the missing amounts. k Note: Enter your answers in thousands (i.e., 5,500 should be entered as 5.5). Enter credit amounts with a minus sign. ht ($ in thousands) PBO Plan Assets Prior Service Net Loss - Cost - AOCI AOCI Pension Expense Cash Net Pension (Liability)/ Asset Balance, January 1, 2024 $ (980.0) $ 720.0 $ 209.0 $ 98.0 $ (260.0) Service cost 118.0 Interest cost, 5% (49.0) Expected return on assets (57.6) Adjust for Loss on assets Amortization Prior service cost Amortization: Net…Prepare the pension journal entry for 2022. Red Robin offers a defined-benefit pension plan to its employees. The following information summarizes the events related to the pension plan for the current year (2022): $ Service cost for the year Settlement rate Expected return on plan assets Actual return on plan assets Contributions for the year Benefit payments for the year Increase on PBO of actuarial assumption changes Prior service costs granted on January 1 Average remaining service life of employee base (years) $ $ $ $ $ 34,900 4% 3% 17,635 24,500 38,200 27,520 42,855 27 This is the first year that Red Robin incurred prior service costs. The completed pension worksheet is included in the "Pension" spreadsheet attached.
- 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 2022, the pension formula was amended, creating a prior service cost of $300,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year, as well as, the previous two years. Required: Fill in the missing amounts. Note: Enter your answers in thousands (i.e., 5,500 should be entered as 5.5). Enter credit amounts with a minus sign. ($ in thousands) Balance, January 1, 2024 Service cost Interest cost, 5% Expected return on assets Adjust for: Loss on assets Amortization: Prior service cost Amortization: Net loss Gain on PBO Prior service cost Cash funding Retiree benefits Balance, December 31, 2024 PBO Plan Assets $ (860.0) $ (43.0) $ (929.0) $ 600.0 600.0 Prior Service Cost - AOCI $…ices 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 2022, the pension formula was amended, creating a prior service cost of $280,000. The expected rate of return on assets was 8%, and the average remaining service life of the active employee group is 20 years in the current year, as well as, the previous two years. Required: Fill in the missing amounts. Note: Enter your answers in thousands (i.e., 5,500 should be entered as 5.5). Enter credit amounts with a minus sign. ($ in thousands) PBO Plan Assets Prior Service Net Loss Cost-AOCI AOCI Pension Expense Cash Net Pension (Liability)/ Asset Balance January 1, 2024 Service cost $ (840.0) $ 580.0 $ 266.0 $ 84.0 $ (260.0) 104.0 (42.0) Interest cost, 5% Expected return on assets Adjust for: Loss on assets Amortization Prior service cost Amortization Net loss Gain on PBO…The following data relate to the operation of Kramer Co.'s pension plan in 2021. The pension worksheet for 2020 is provided in P20.10. Service cost $59,000 Actual return on plan assets 32,000 Amortization of prior service cost 28,000 Annual contributions 51,000 Benefits paid retirees 27,000 Average service life of all employees 25 years For 2021, Kramer will use the same assumptions as 2020 for the expected rate of returns on plan assets. The settlement rate for 2021 is 10%. Instructions Prepare a pension worksheet for 2021 and accompanying computations and amortization of the loss, if any, in 2021 using the corridor approach. Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31. Indicate the pension amounts reported in the financial statements.