Zenith Company, a calander-year entity, amends its defined benefit pension plan on January 1, 2013 and must recognize the increase in past service Costs of its vested and non-vested employees as of the date in the calculation of its net 2013 pension expenses (or revenue) The pertinent facts as of January 1, 2013 are:
Increase in Present Service Cost (PSC) - vested employees: $5,000
Increase in Present Service Cost (PSC) - non-vested employees: $2,000
Remaiining vesting period - non-vested employees: 5 years
Remaining working life-vested employees 10 years
Remaining working life-non-vested employees: 20 years
Calculate the past service cost included in the 2013 net pension expense (or revenue) under U. S. GAAP.
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