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Regarding Prior Service Cost Amortization , what is the increase or decrease to Pension Expense on the Fox Co. Defined Benefit Plan Worksheet for
Regarding Prior Service Cost Amortization, what is the increase or decrease to Pension Expense on the Fox Co. Defined Benefit Plan Worksheet for 2019, based on the following info?
Pension data for the 2019 calendar year:Service Cost$ 70,000Actual return on plan assets9%Benefits to retirees 60,000Expected return on plan assets7%Cash contributions 50,000Settlement rate6%
Fox's Beginning 2019 Info (December 31, 2018 balances):Plan Assets$ 700,000Projected Benefit Obligation (PBO) 850,000Accumulated net other comprehensive loss (average service life is 10 years) 175,000Prior Service Cost (PSC-Fox uses years of service amortization method) 300,000(This PSC is attributable to 80 employees who are expected to retire as follows: 10 retire in 2 years, 15 in 3 years, 20 in 4 years, and 35 in 5 years)
