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Parker Co. amended its pension plan on January 2 of the current
year. It also granted $600,000 of unrecognized prior service costs
to its employees. The employees are all active and expect to
provide 2,000 service years in the future, with 350 service years
this year. What is Parker's unrecognized prior service cost
amortization for the year?
Question 2
Note section disclosures in the financial statements for pensions
do not require inclusion of which of the following?
Question 3
For the year ended December 31, 2004, Grim Co.'s pretax
financial statement income was $200,000 and its taxable income
was $150,000. The difference is due to the following: Grim's
enacted income tax rate is 30%. In its 2004 income statement,
what amount should Grim report as current provision for income
tax expense?
Question 4
On December 31, 20x5, Rapp Co. changed inventory cost methods
to LIFO from FIFO for financial statement and income tax
purposes. Rapp is unable to determine the beginning 20x5
inventory under LIFO. Therefore,
Question 5
Which of the following should be reported as a prior period
adjustment?
Question 6