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The pension plan was amended last year, creating a prior service cost of $20 million. Service cost and Interest cost for the year were $10
The pension plan was amended last year, creating a prior service cost of $20 million. Service cost and Interest cost for the year were $10 million and $4 million, respectively. At the end of the year, there was a negligible balance in the net galn-penstons account. The actual return on plan assets was $4 million although it was expected to be $6 million. On average, employees remaining service life with the company Is 10 years. What was the total pension cost for the year? (Amounts to be deducted should be Indicated with a minus slgn.) * Answer is complete but not entirely correct. is in millions) Amortization of prior service cost S Expected return on the plan assets ECOS 10.000.000 4.000.000 (8.000.000) X X X Interest cost Service cost 2.000.000 0 co Pension cost 10.000.000
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