Application of years-of-service method

Reference no: EM13763399

(Application of Years-of-Service Method)

Ace Inc. has five employees participating in its defined-benefit pension plan. Expected years of future service for these employees at the beginning of 2014 are as follows.

Future

Employee Years of Service

Jane 6

John 1

Jimmy 3

Jenny 6

Jerry 4

On January 1, 2014, the company amended its pension plan increasing its projected benefit obligation by $210,000.

Instructions

Compute the amount of prior service cost amortization for the years 2014 through 2019 using the yearsof-service method setting up appropriate schedules.

Reference no: EM13763399

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