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. The company's actuary computes these prior service costs to be $280,000. The company 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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Accounting Basics: At the beginning of the current year willow company adopts
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