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Calculate the past service costs

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Question - 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 PSC-vested employees: $5,000

Increase in PSC-non-vested employees: 2,000

Remaining vesting period-non-vested employees: 5 years

Remaining working life-vested employees: 10 years

Remaining working life-non-vested employees: 20 years

Required - Calculate the past service costs included in 2019 net pension expense (or revenue) under IAS 19.

Reference no: EM132544591

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