Yuno Company provides a defined benefit plan in which employees receive a lump sum post-employment...
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Accounting
Yuno Company provides a defined benefit plan in which employees receive a lump sum post-employment benefits payable on termination of service and equal to 1% of final salary for each year of service. The salary of Yukiteru Amano in year 1 is $720.000 and is assumed to increase at 7% compound each year. The discount rate used is 10%. Yukiteru Amano is expected to leave at the end of year 5.
Note: Round off future value and present value factors in two places.
What is the current service cost for year 2?
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