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Ace Inc. has five employees participating in its defined-benefit pension plan. Expected years of future service for these employees at the beginning of 2019 are
Ace Inc. has five employees participating in its defined-benefit pension plan. Expected years of future service for these employees at the beginning of 2019 are as follows:
Employee | Future Years of Service |
Jane | 6 |
John | 1 |
Jimmy | 3 |
Jenny | 6 |
Jerry | 4 |
On January 1, 2019, the company amended its pension plan, offering an additional $210,000 of benefits to its employees for prior services performed.
What will be Ace Inc.'s prior service cost amortization for 2020 (i.e., year 2)?
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