The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2021:...
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Accounting
The following pension-related data pertain to Metro Recreation's noncontributory, defined benefit pension plan for 2021:
($ in 000s)
Jan. 1
Dec. 31
Projected benefit obligation
$
4,500
$
4,780
Accumulated benefit obligation
3,735
3,990
Plan assets (fair value)
5,130
5,575
Interest (discount) rate, 7%
Expected return on plan assets, 10%
Prior service costAOCI (from Dec. 31, 2020, amendment)
880
Net lossAOCI
533
Average remaining service life: 10 years
Gain due to changes in actuarial assumptions
46
Contributions to pension fund (end of year)
380
Pension benefits paid (end of year)
335
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 2021. (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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