27 Midland Company follows GAAP for its external financial reporting whereas Bailey Company follows IFRS for its external financial reporting. The amount contributed by Midland for its defined contribution plan for 2021 amounted to $55.000 and the amount contributed by Bailey for its defined contribution plan for 2021 amounted to $78,000. The remaining service lives of employees at both firms is estimated to be 10 years. What is the amount of expense related to pension costs recognized by each company in its income statement for the year ended December 31, 2021? Midland Bailey a. $ 5,500 $76,000 b. $55,000 $76.000 $55.000 $ 7.500 d 5 5,500 $ 7.600 28 Midland Company follows GAAP for its external financial reporting whereas Bailey Company follows IFRS for its external financial reporting. The remaining service lives of employees at both firms is estimated to be 10 years. The following information is available for each company at December 31, 2021 related to their respective Sefiodhene pension plans. Midland Bailey Net of pension assets and liabilities $110,000 $140,000 Prior service cost $230,000 $175.000 What is the amount of prior service cost recognized by each company in its income statement for the year ended December 31, 2017 Midland Bailey a $230,000 $175,000 D $ 23,000 $175.000 C. $ 23,000 $17.500 d $230,000 $17.500 29 Midland Company follows GAAP for its external financial reporting whereas Bailey Company follows IFRS for its external financial reporting. The remaining service lives of employees at both firms is estimated to be 10 years. The following information is available for each company at December 31, 2021 related to their respective defoedbesti pension plans Midland Bailey Net of pension assets and liabilities $110.000 $140,000 Prior service cost $220.000 $175.000 What is the amount of Pension Asset Liability recognized by each company in its balance shoot at December 31, 2017 Midland Bailey a $110,000 $140,000 b $ 11,000 $140,000 c. $110.000 $ 14,000 d $ 11,000 $ 14,000 30 Midland Company follows GAAP for its external financial reporting whereas Bailey Company follows IFRS for its external financial reporting. The remaining service lives of employees at both firms is estimated to be 10 years. The following information is available for each company at December 31, 2021 related to their respective defined benefit pension plans Maand Bay Net of pension assets and liabilities $110,000 $140.000 Prior service cost (atter amortization, any) $230,000 $175.000 What is the amount of Prior Service Cost recognized by each company on its balance shoot at December 31, 2021? Midland Bailey $230.000 $175.000 S-0- $175.000 S.O. S-0- d. $230.000 $-0- b C