Question
Rodeo Corporation amended its defined benefit pension plan on January 31, 2024, to increase retirement benefits earned with eac service year. The actuary estimated
Rodeo Corporation amended its defined benefit pension plan on January 31, 2024, to increase retirement benefits earned with eac service year. The actuary estimated the prior service cost to be $241,200. Rodeo's 80 present employees are expected to retire at rate of about 10 each year at the end of each of the next eight years beginning on December 31, 2024. Required: Using the service method, calculate the amount of prior service cost to be amortized to pension expense in each of the next eight years. Year Amount Amortized 2024 2025 S 2026 2027 2028 2029 2030 2031 Total S 0
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Intermediate Accounting
Authors: David Spiceland
11th Edition
1264134525, 9781264134526
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