Business
Business, 06.04.2020 15:15, wcraig1998

Zenith Company, a calendar-year entity, amends its defined benefit pension plan on January 1, 2019 and must recognize the increase in past service costs of its vested and non-vested employees as of that date in the calculation of its net 2019 pension expense (or revenue). The pertinent facts as of January 1, 2019 are:
Increase in Present Service Cost (PSC)-vested employees: $5,000
Increase in Present Service Cost (PSC)-non-vested employees: $2,000
Remaiining vesting period- non-vested employees: 5 years
Remaining working life-vested employees 10 years
Remaining working life-non-vested employees: 20 years
Required:
a. Calculate the past service cost included in the 2013 net pension expense (or revenue) under U. S. GAAP.

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