At the end of 2006 Garns Corporation recorded an

additional
At the end of 2006, Garns Corporation recorded an additional pension liability of $800,000 for
the first time, the offset being charged to Deferred Pension Cost. Minimum pension liability
computations for 2007–2010 indicated the following additional pension liability
amounts:December 31, 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 850,000December 31, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,000,000December 31, 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . 500,000December 31, 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . 550,000No plan amendments occurred during these years. The amount of the unrecognized
prior service cost is as follows:December 31, 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . $1,200,000December 31, 2008 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . 900,000December 31, 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . 600,000December 31, 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
. . . . . . . . . . . . . . . . . . 300,000Instructions: For each of the four years, prepare the journal entry
to adjust the minimum pension liability account to the balance indicated above.View Solution:
At the end of 2006 Garns Corporation recorded an additional
SOLUTION-- http://expertanswer.online/downloads/at-the-end-of-2006-garns-corporation-
recorded-an-additional/

See Answer here expertanswer.online

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