Amortization of Prior Service Cost

On January 1, 2016, Baznik Company adopted a defined benefit pension plan. At that time, Baznik awarded retroactive benefits to certain employees. These retroactive benefits resulted in a prior service cost of $1,200,000 on that date (which it did not fund). Baznik has six participating employees who are expected to receive the retroactive benefits. Following is a schedule that identifies the participating employees and their expected years of future service as of January 1, 2016:

Baznik decided to amortize the prior service cost to pension expense using the years-of-future-service method. The following are the amounts of the components of Baznik’s pension expense, in addition to the amortization of the prior service cost for 2016 and 2017:

Baznik contributed $772,700 and $875,300 to the pension fund at the end of 2016 and 2017, respectively.

Required:

General Journal

Prepare the entries to record the prior service cost on January 1, 2016, and the pension expense and amortization of prior service costs on December 31, 2016 and 2017.

PAGE 2016PAGE 2017

GENERAL JOURNAL

Next Level

Prepare a set of schedules for the Baznik Company to determine the amortization fraction for each year. Additional Instruction

Prepare a set of schedules for the Baznik Company to determine the amortization of the prior service cost. Additional Instruction

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