The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2018:...
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Accounting
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
$
5,800
$
6,080
Accumulated benefit obligation
3,800
4,120
Plan assets (fair value)
7,080
7,525
Interest (discount) rate, 8%
Expected return on plan assets, 10%
Prior service costAOCI (from Dec. 31, 2017, amendment)
1,010
Net lossAOCI
728
Average remaining service life: 10 years
Gain due to changes in actuarial assumptions
72
Contributions to pension fund (end of year)
510
Pension benefits paid (end of year)
465
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).)
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