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At the beginning of the current year, Willow Company adopts a pension plan and awards retroative benefits to its employees. Willow's actuary computes these prior

At the beginning of the current year, Willow Company adopts a pension plan and awards retroative benefits to its employees. Willow's actuary computes these prior service costs to be $280,000. Willow amortizes the prior service costs by the straight line method over the remaining 14 year service life of its active employees. Prepare the journal entries to record the prior service costs and the related year end adjusting entry for the current year

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