Required: 1 a. Using the straight-line method, compute the average remaining service life. If required, round your answer to one decimal place. fill in the blank 598f5cf91fd1034_1 years 1 b. Using the straight-line method, prepare a schedule to amortize the prior service cost. Enter all amounts as positive numbers. WOLZ COMPANYPrior Service Cost Amortization2019 - 2022 Total Prior Service Cost Amortization to Increase Pension Expense Remaining Prior Service Cost 2019 $fill in the blank 4a27d104007b03c_1 $fill in the blank 4a27d104007b03c_2 $fill in the blank 4a27d104007b03c_3 2020 fill in the blank 4a27d104007b03c_4 fill in the blank 4a27d104007b03c_5 fill in the blank 4a27d104007b03c_6 2021 fill in the blank 4a27d104007b03c_7 fill in the blank 4a27d104007b03c_8 fill in the blank 4a27d104007b03c_9 2022 fill in the blank 4a27d104007b03c_10 fill in the blank 4a27d104007b03c_11 2 a. Using the years-of-future-service method instead, prepare a set of schedules to determine the amortization fraction for each year. Enter the amortization fraction as a fraction. For example: 3/10. WOLZ COMPANYYears of Future ServiceAmortization Fractions Expected Years of Future Service Number of Service Years Rendered in 2019 Number of Service Years Rendered in 2020 Number of Service Years Rendered in 2021 Number of Service Years Rendered in 2022 Number of Service Years Rendered in 2023 1 fill in the blank 78c95ef2afd0037_1 fill in the blank 78c95ef2afd0037_2 fill in the blank 78c95ef2afd0037_3 2 fill in the blank 78c95ef2afd0037_4 fill in the blank 78c95ef2afd0037_5 fill in the blank 78c95ef2afd0037_6 fill in the blank 78c95ef2afd0037_7 3 fill in the blank 78c95ef2afd0037_8 fill in the blank 78c95ef2afd0037_9 fill in the blank 78c95ef2afd0037_10 fill in the blank 78c95ef2afd0037_11 fill in the blank 78c95ef2afd0037_12 4 fill in the blank 78c95ef2afd0037_13 fill in the blank 78c95ef2afd0037_14 fill in the blank 78c95ef2afd0037_15 fill in the blank 78c95ef2afd0037_16 fill in the blank 78c95ef2afd0037_17 fill in the blank 78c95ef2afd0037_18 Total fill in the blank 78c95ef2afd0037_19 fill in the blank 78c95ef2afd0037_20 fill in the blank 78c95ef2afd0037_21 fill in the blank 78c95ef2afd0037_22 fill in the blank 78c95ef2afd0037_23 Amortization fraction 2 b. Using the years-of-future-service method instead, prepare a set of schedules to determine the amortization of the prior service cost. Enter all amounts as positive numbers. WOLZ COMPANYYears of Future ServicePrior Service Cost Amortization Total Prior Service Cost Amortization Fraction Amortization to Increase Pension Expense Remaining Prior Service Cost 2019 $- Select - $- Select - $- Select - 2020 - Select - - Select - - Select - 2021 - Select - - Select - - Select - 2022 - Select - - Select - - Select - 2023 - Select - - Select -

Required: 1 a. Using the straight-line method, compute the average remaining service life. If required, round your answer to one decimal place. fill in the blank 598f5cf91fd1034_1 years 1 b. Using the straight-line method, prepare a schedule to amortize the prior service cost. Enter all amounts as positive numbers. WOLZ COMPANYPrior Service Cost Amortization2019 - 2022 Total Prior Service Cost Amortization to Increase Pension Expense Remaining Prior Service Cost 2019 $fill in the blank 4a27d104007b03c_1 $fill in the blank 4a27d104007b03c_2 $fill in the blank 4a27d104007b03c_3 2020 fill in the blank 4a27d104007b03c_4 fill in the blank 4a27d104007b03c_5 fill in the blank 4a27d104007b03c_6 2021 fill in the blank 4a27d104007b03c_7 fill in the blank 4a27d104007b03c_8 fill in the blank 4a27d104007b03c_9 2022 fill in the blank 4a27d104007b03c_10 fill in the blank 4a27d104007b03c_11 2 a. Using the years-of-future-service method instead, prepare a set of schedules to determine the amortization fraction for each year. Enter the amortization fraction as a fraction. For example: 3/10. WOLZ COMPANYYears of Future ServiceAmortization Fractions Expected Years of Future Service Number of Service Years Rendered in 2019 Number of Service Years Rendered in 2020 Number of Service Years Rendered in 2021 Number of Service Years Rendered in 2022 Number of Service Years Rendered in 2023 1 fill in the blank 78c95ef2afd0037_1 fill in the blank 78c95ef2afd0037_2 fill in the blank 78c95ef2afd0037_3 2 fill in the blank 78c95ef2afd0037_4 fill in the blank 78c95ef2afd0037_5 fill in the blank 78c95ef2afd0037_6 fill in the blank 78c95ef2afd0037_7 3 fill in the blank 78c95ef2afd0037_8 fill in the blank 78c95ef2afd0037_9 fill in the blank 78c95ef2afd0037_10 fill in the blank 78c95ef2afd0037_11 fill in the blank 78c95ef2afd0037_12 4 fill in the blank 78c95ef2afd0037_13 fill in the blank 78c95ef2afd0037_14 fill in the blank 78c95ef2afd0037_15 fill in the blank 78c95ef2afd0037_16 fill in the blank 78c95ef2afd0037_17 fill in the blank 78c95ef2afd0037_18 Total fill in the blank 78c95ef2afd0037_19 fill in the blank 78c95ef2afd0037_20 fill in the blank 78c95ef2afd0037_21 fill in the blank 78c95ef2afd0037_22 fill in the blank 78c95ef2afd0037_23 Amortization fraction 2 b. Using the years-of-future-service method instead, prepare a set of schedules to determine the amortization of the prior service cost. Enter all amounts as positive numbers. WOLZ COMPANYYears of Future ServicePrior Service Cost Amortization Total Prior Service Cost Amortization Fraction Amortization to Increase Pension Expense Remaining Prior Service Cost 2019 $- Select - $- Select - $- Select - 2020 - Select - - Select - - Select - 2021 - Select - - Select - - Select - 2022 - Select - - Select - - Select - 2023 - Select - - Select -

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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Question

Methods to Amortize Prior Service Cost

Wolz Company, a small business, has had a defined benefit pension plan for its employees for several years. At the beginning of 2019, Wolz amended the pension plan; this amendment provides for increased benefits based on services rendered by certain employees in prior periods. Wolz's actuary has determined that the related prior service cost amounts to $105,000 . Wolz has four participating employees who are expected to receive the increased benefits. The following is a schedule identifying the employees and their expected years of future service:

Employee Numbers	Expected Years of Future Service
1	2
2	3
3	4
4	5

Required:

1 a. Using the straight-line method, compute the average remaining service life. If required, round your answer to one decimal place.
fill in the blank 598f5cf91fd1034_1 years

1 b. Using the straight-line method, prepare a schedule to amortize the prior service cost. Enter all amounts as positive numbers.

WOLZ COMPANYPrior Service Cost Amortization2019 - 2022

	Total Prior Service Cost	Amortization to Increase Pension Expense	Remaining Prior Service Cost
2019	$fill in the blank 4a27d104007b03c_1	$fill in the blank 4a27d104007b03c_2	$fill in the blank 4a27d104007b03c_3
2020	fill in the blank 4a27d104007b03c_4	fill in the blank 4a27d104007b03c_5	fill in the blank 4a27d104007b03c_6
2021	fill in the blank 4a27d104007b03c_7	fill in the blank 4a27d104007b03c_8	fill in the blank 4a27d104007b03c_9
2022	fill in the blank 4a27d104007b03c_10	fill in the blank 4a27d104007b03c_11

2 a. Using the years-of-future-service method instead, prepare a set of schedules to determine the amortization fraction for each year. Enter the amortization fraction as a fraction. For example: 3/10.

WOLZ COMPANYYears of Future ServiceAmortization Fractions

	Expected Years of Future Service	Number of Service Years Rendered in 2019	Number of Service Years Rendered in 2020	Number of Service Years Rendered in 2021	Number of Service Years Rendered in 2022	Number of Service Years Rendered in 2023
1	fill in the blank 78c95ef2afd0037_1	fill in the blank 78c95ef2afd0037_2	fill in the blank 78c95ef2afd0037_3
2	fill in the blank 78c95ef2afd0037_4	fill in the blank 78c95ef2afd0037_5	fill in the blank 78c95ef2afd0037_6	fill in the blank 78c95ef2afd0037_7
3	fill in the blank 78c95ef2afd0037_8	fill in the blank 78c95ef2afd0037_9	fill in the blank 78c95ef2afd0037_10	fill in the blank 78c95ef2afd0037_11	fill in the blank 78c95ef2afd0037_12
4	fill in the blank 78c95ef2afd0037_13	fill in the blank 78c95ef2afd0037_14	fill in the blank 78c95ef2afd0037_15	fill in the blank 78c95ef2afd0037_16	fill in the blank 78c95ef2afd0037_17	fill in the blank 78c95ef2afd0037_18
Total		fill in the blank 78c95ef2afd0037_19	fill in the blank 78c95ef2afd0037_20	fill in the blank 78c95ef2afd0037_21	fill in the blank 78c95ef2afd0037_22	fill in the blank 78c95ef2afd0037_23
Amortization fraction

2 b. Using the years-of-future-service method instead, prepare a set of schedules to determine the amortization of the prior service cost. Enter all amounts as positive numbers.

WOLZ COMPANYYears of Future ServicePrior Service Cost Amortization

	Total Prior Service Cost	Amortization Fraction	Amortization to Increase Pension Expense	Remaining Prior Service Cost
2019	$- Select -		$- Select -	$- Select -
2020	- Select -		- Select -	- Select -
2021	- Select -		- Select -	- Select -
2022	- Select -		- Select -	- Select -
2023	- Select -		- Select -

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Payroll refers to the entire list of the employees of a company which includes the name of their employees, their salary details, remunerations and other benefits they are entitled to receive.

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