10.) Calculate the total prior service cost using the following information. Write your answer on the cover sheet. $ FACTS: The company has a defined benefit plan Seth's salary at the end of 2017 Retirement expected after Retirement period is expected to be Interest Rate 145,000 45 20 4.0% years of service years years Benefits are calculated as a formula as the product of: Service already provided Percentage Final year's salary is projected to be 15 2.0% 263,000 $ AFTER THE PLAN IS INITALLY ADOPTED A CHANGE IS MADE TO THE BENEFITS CALCULATION AS FOLLOWS: Changed from 2.0% previously Percentage of service yrs. & salary Change made at the beginning of 2.5% 2017 10.) Calculate the total prior service cost using the following information. Write your answer on the cover sheet. $ FACTS: The company has a defined benefit plan Seth's salary at the end of 2017 Retirement expected after Retirement period is expected to be Interest Rate 145,000 45 20 4.0% years of service years years Benefits are calculated as a formula as the product of: Service already provided Percentage Final year's salary is projected to be 15 2.0% 263,000 $ AFTER THE PLAN IS INITALLY ADOPTED A CHANGE IS MADE TO THE BENEFITS CALCULATION AS FOLLOWS: Changed from 2.0% previously Percentage of service yrs. & salary Change made at the beginning of 2.5% 2017