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Amortization of prior service cost using years-of-service method. On January 1, 2010, Krupka LLC amended its pension plan which caused an increase of...
Amortization of prior service cost using years-of-service method.On January 1, 2010, Krupka LLC amended its pension plan which caused an increase of $6,000,000 in its projected benefit obligation. The company has 400 employees who are expected to receive benefits under the company's defined-benefit pension plan. The personnel department provided the following information regarding expected employee retirements:Expected RetirementsNumber of Employees On December 3140 2010120 201160 2012160 201320 2014400The company plans to use the years-of-service method in calculating the amortization of prior service cost as a component of pension expense.InstructionsPrepare a schedule which shows the amount of annual prior service cost amortization that the company will recognize as a component of pension expense from 2010 through 2014.
