Score: 0 of 1 pt 5 of 20 (3 complete) HW Score: 15%, 3 of 20 pts MC19-6 (similar to) Question Help Giant Jobs, Inc. amended its overfunded pension plan on December 3, Year 7, resulting in the recognition of prior service cost of $700,000. On December 31, Year 7. Giant Job's employees had an average remaining service life of 20 years. The company has an effective tax rate of 30%. How should the prior service cost be reported in the December 31, Year 7 financial statements? O A. $490,000 increase in net periodic pension cost. OB. $490,000 decrease in comprehensive income. O c. $700,000 increase in pension benefit asset. OD. $700,000 decrease in net income. Click to select your answer and then click Check Answer. Clear All