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Prepare journal entries to record the prior service costs

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Problem - At the beginning of the current year, Willow Company adopts a pension plan and awards retroactive benefits to its employees. Willow's actuary computes these prior service costs to be $280,000. Willow amortizes the prior service costs by the straight-line method over the remaining 14-year service life of its active employees. Prepare the journal entries to record the prior service costs and the related year-end adjusting entry for the current year.

Reference no: EM132891348

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