Question: At the beginning of the current year Willow Company adopts
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 casts 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.
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