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Pharoah Corporation has a defined-benefit pension plan covering its 1340 employees. Pharoah agrees to amend its pension benefits. The prior service cost associated with the amendment is $670000. The employees are grouped according to expected years of retirement, as follows: Group A B Number of Employees 750 5360 1340 3330 260 375 500 205 Expected Retirement on December 31 2025 2026 2027 2028 What is the overall total number of service years to use for amortization calculations using the years of service approach?

Pharoah Corporation has a defined-benefit pension plan covering its 1340 employees. Pharoah agrees to amend its pension benefits. The prior service cost associated with the amendment is $670000. The employees are grouped according to expected years of retirement, as follows: Group A B Number of Employees 750 5360 1340 3330 260 375 500 205 Expected Retirement on December 31 2025 2026 2027 2028 What is the overall total number of service years to use for amortization calculations using the years of service approach?

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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Pharoah Corporation has a defined-benefit pension plan covering its 1340 employees. Pharoah agrees to amend its pension benefits. The prior service cost associated with the amendment is $670000. The employees are grouped according to expected years of retirement, as follows: Group A B C D Number of Employees 750 5360 1340 3330 260 375 500 205 Expected Retirement on December 31 2025 2026 2027 2028 What is the overall total number of service years to use for amortization calculations using the years of service approach?
Transcribed Image Text:Pharoah Corporation has a defined-benefit pension plan covering its 1340 employees. Pharoah agrees to amend its pension benefits. The prior service cost associated with the amendment is $670000. The employees are grouped according to expected years of retirement, as follows: Group A B C D Number of Employees 750 5360 1340 3330 260 375 500 205 Expected Retirement on December 31 2025 2026 2027 2028 What is the overall total number of service years to use for amortization calculations using the years of service approach?
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