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. A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Inc.’s...

. A partially completed pension spreadsheet showing the relationships among the elements that constitute Carney, Inc.’s defined benefit pension plan follows. At the end of 2018, Carney revised its pension formula and incurred a prior service cost of $100 million. At the end of 2019, the pension formula was amended again, creating an additional prior service cost of $200 million. At the beginning of 2020, $400 million prior service cost was incurred. At the beginning of 2021, $300 million prior service cost was incurred. In 2018 - 2021, the actuary’s discount rate remained 10%, and the average remaining service life of the active employee group remained 10 years. The expected rate of return on assets was 10% in 2019, and increased by 1% each year.

  1. Fill in blanks in the 2019 pension spreadsheet.

2019 Pension spreadsheet ($ in millions)

(PBO)

Plan Assets

Prior Service Cost–AOCI

Net Loss (Gain) –AOCI

Pension Expense

Cash

Net Pension (Liability) / Asset

Balance, Jan. 1, 2019

(25,000)

20,000

100

4,500

(5,000)

Service cost

(800)

Interest cost

Prior Service Cost

Expected return on assets

Adjust for: Gain (loss) on assets

Amortization of: "Prior service cost-AOCI"

Amortization of: "Net Loss (Gain)-AOCI"

Gain (Loss) on PBO

7000

Cash funding

(1,000)

Retiree benefits

950

Bal., Dec. 31, 2019

22,450

290

(3,100)

1,510

Solutions

Expert Solution

ekkarill92 answered 3 months ago
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