The following pension-related data pertain to Metro Recreation\'s noncontributor
ID: 2551794 • Letter: T
Question
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2016 S in 000s Jan. 1 Dec. 31 $5,500 $5,780 3,785 4,090 6,630 7,075 Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Interest (discount) rate, 8% Expected return on plan assets, 10% Prior service cost-AOCI (fom Dec. 31, 2015, amendment)980 Net loss-AOCI Average remaining service life: 10 years Gain due to changes in actuarial assumptions Contributions to pension fund (end of year) Pension benefits paid (end of year) 683 480 435 Required Prepare a pension spreadsheet that shows the relationships among the various pension balances, shows the changes in those balances, and computes pension expense for 2016. (Negative amounts should be indicated with a minus sign. Enter your answers in thousands (i.e. 200,000 should be entered as 200).) Net Pension Prior ServiceNet LossPension (S in 000s) Plan Assets Cost-AOCI PBO Cash (Liability)/ Asset AOCI Expense Balance, Jan. 1, 2016 Service cost Interest cost Expected return on assets Adjust for: Loss on assets Amortization of. Prior service cost Net loss Gain on PBO Cash funding Retiree benefits Bal., Dec. 31, 2016Explanation / Answer
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($ in 000s) PBO Plan Assets Prior Service cost-AOCI Net Loss-AOCI Pension Expense Cash Net Pension (Liability) / Asset Balance, Jan. 1, 2016 (5500) 6630 980 683 1130 Service Cost (781) 781 (781) Interest Cost (440) 440 (440) Expected return on assets 663 (663) 663 Adjust for: Loss on assets (263) 263 (263) Amortization of: Prior service cost (70) 70 Net loss (2) 2 Gain on PBO 66 (66) 66 Cash funding 480 (480) 480 Retiree benefits 435 (435) Bal., Dec. 31, 016 (5780) 7075 910 878 630 855Related Questions
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