arasota Company has five employees participating in its defined benefit pension plan. Expected years of future service for these employees at the beginning of 2020 are as follows. Employee Future Years of Service Jim 3 Paul 4 Nancy 5
arasota Company has five employees participating in its defined benefit pension plan. Expected years of future service for these employees at the beginning of 2020 are as follows. Employee Future Years of Service Jim 3 Paul 4 Nancy 5
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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arasota Company has five employees participating in its defined benefit pension plan. Expected years of future service for these employees at the beginning of 2020 are as follows.
|
Employee
|
Future Years of Service
|
|
|---|---|---|
|
Jim
|
3 | |
|
Paul
|
4 | |
|
Nancy
|
5 | |
|
Dave
|
6 | |
|
Kathy
|
6 |
On January 1, 2020, the company amended its pension plan, increasing its projected benefit obligation by $74,880.
Compute the amount of prior service cost amortization for the years 2020 through 2025 using the years-of-service method, setting up appropriate schedules.
|
Year
|
Annual Amortization
|
|
|---|---|---|
|
2020
|
$enter a dollar amount
|
|
|
2021
|
enter a dollar amount
|
|
|
2022
|
enter a dollar amount
|
|
|
2023
|
enter a dollar amount
|
|
|
2024
|
enter a dollar amount
|
|
|
2025
|
enter a dollar amount
|
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