What was the prior service cost at the beginning of the year?

Question

Quizplus · Accepted Answer

The beginning prior service cost can be calculated using the formula: beginning prior service cost = ending prior service cost - current year's amortization of prior service cost. From the given information, the ending prior service cost is $54 and the current year's amortization of prior service cost is $6. Therefore, the beginning prior service cost = $54 + $6 = $60. Option D is the only choice that matches this answer.

What Was the Prior Service Cost at the Beginning of the Year