The following pension-related data pertain to Metro Recreation's
noncontributory, defined benefit pension plan for 2018:
|
($
in 000s) |
|
Jan. 1 |
|
Dec. 31 |
| Projected benefit
obligation |
$ |
5,200 |
|
|
$ |
5,480 |
|
| Accumulated benefit
obligation |
|
3,770 |
|
|
|
4,060 |
|
| Plan assets (fair value) |
|
6,180 |
|
|
|
6,625 |
|
| Interest (discount) rate,
8% |
|
|
|
|
|
|
|
| Expected return on plan assets,
10% |
|
|
|
|
|
|
|
| Prior service cost?AOCI (from
Dec. 31, 2017, amendment) |
|
950 |
|
|
|
|
|
| Net loss?AOCI |
|
638 |
|
|
|
|
|
| Average remaining service life:
10 years |
|
|
|
|
|
|
|
| Gain due to changes in actuarial
assumptions |
|
|
|
|
|
60 |
|
| Contributions to pension fund
(end of year) |
|
|
|
|
|
450 |
|
| Pension benefits paid (end of
year) |
|
|
|
|
|
405 |
|
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 2018. (Enter credit
amounts with a minus sign and debit amounts with a positive sign.
Enter your answers in thousands (i.e. 200,000 should be entered as
200).)
|
|
|
|
|
|
($ in 000s) |
PBO |
Plan Assets |
Prior Service Cost–AOCI |
Net Loss–AOCI |
Pension Expense |
Cash |
Net Pension (Liability) / Asset |
| Balance,
Jan. 1, 2018 |
|
|
|
|
|
|
|
| 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, 2018 |
|