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Prepare an amortization schedule to amortize prior service

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Question - Bagel Bakeries, Inc. has a defined-benefit pension plan covering its 84 employees. Company agrees to amend its pension benefits. As a result, the projected benefit obligation increased by $1,960,000. Company determined that all of its employees are expected to receive benefits under the plan over the next 7 years. In addition, 12 employees are expected to retire or quit each year.

Required - Prepare an amortization schedule to amortize the unrecognized prior service costs using the:

A) Average service life method

B) The years of future service method

Reference no: EM133115593

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