Question
The following incomplete (columns have missing amounts) pension spreadsheet is for Old Tucson Corporation (OTC). ($ in millions) debit (Credit)PBOPlan AssetsPrior Service CostNet (Gain) LossPension
The following incomplete (columns have missing amounts) pension spreadsheet is for Old Tucson Corporation (OTC).
($ in millions) debit (Credit)PBOPlan AssetsPrior Service CostNet (Gain) LossPension ExpenseCashNet Pension (Liability)/AssetBeginning balance(580)82Service cost86Interest costExpected return on assets(31)Gain/loss on assets(4)Amortization of:Prior servicecost(14)Net gain/ lossLoss on PBO(33)33Contributions to fund(80)Retiree benefits paid59(59)Ending balance(667)33578102(333)
What was the prior service cost at the beginning of the year?
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Financial And Managerial Accounting
Authors: Jerry J Weygandt, Paul D Kimmel, Jill E Mitchell
4th Edition
1119752620, 978-1119752622
