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Fairchild, Inc.is contemplating starting a defined benefit pension plan for its employees.To be fair to long-time employees, Fairchild would like to give its employees credit for prior service However, Fairchild is afraid that its income statement would be severely impacted due to having to expense the prior service cost credit immediately.Are Fairchild's fears justified?Find authoritative guidance as to how to account for prior service cost. Enter your response in the answer fields below. Guidance on correctly structuring your response appears above and below the answer fields.Type the topic here. Correctly formatted FASB ASC topics are 3 digits.
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