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Ivanhoe, Inc's defined benefit pension plan covers 7,900 employees. In its negotiations with the employees, Ivanhoe, Inc. amends its pension plan on January 1, 2026, and grants $3,709,050 of prior service costs to its employees. Employees were grouped according to expected years of retirement and the resulting amount of total service years was 24,727. (a) Question 20 of 25 (c) < > 0.67/1 Attempts: 1 of 3 used * Your answer is incorrect. Under the straight-line method of amortization, what would be the amortization amount for 2027? (Round average to 3 decimal places, e.g. 0.625.) Amortization amount for 2027 $ 540.678

Ivanhoe, Inc's defined benefit pension plan covers 7,900 employees. In its negotiations with the employees, Ivanhoe, Inc. amends its pension plan on January 1, 2026, and grants $3,709,050 of prior service costs to its employees. Employees were grouped according to expected years of retirement and the resulting amount of total service years was 24,727. (a) Question 20 of 25 (c) < > 0.67/1 Attempts: 1 of 3 used * Your answer is incorrect. Under the straight-line method of amortization, what would be the amortization amount for 2027? (Round average to 3 decimal places, e.g. 0.625.) Amortization amount for 2027 $ 540.678

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ivanhoe, Inc's defined benefit pension plan covers 7,900 employees. In its negotiations with the employees, Ivanhoe, Inc. amends its pension plan on January 1, 2026, and grants $3,709,050 of prior service costs to its employees. Employees were grouped according to expected years of retirement and the resulting amount of total service years was 24,727. (a) Question 20 of 25 (c) < > 0.67/1 Attempts: 1 of 3 used * Your answer is incorrect. Under the straight-line method of amortization, what would be the amortization amount for 2027? (Round average to 3 decimal places, e.g. 0.625.) Amortization amount for 2027 $ 540.678
Transcribed Image Text:Ivanhoe, Inc's defined benefit pension plan covers 7,900 employees. In its negotiations with the employees, Ivanhoe, Inc. amends its pension plan on January 1, 2026, and grants $3,709,050 of prior service costs to its employees. Employees were grouped according to expected years of retirement and the resulting amount of total service years was 24,727. (a) Question 20 of 25 (c) < > 0.67/1 Attempts: 1 of 3 used * Your answer is incorrect. Under the straight-line method of amortization, what would be the amortization amount for 2027? (Round average to 3 decimal places, e.g. 0.625.) Amortization amount for 2027 $ 540.678
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