Midland Company follows GAAP for its external financial reporting whereas Bailey Company follows IFRS for its external financial reporting. The remaining service lives of employees at both firms is estimated to be 10 years. The following information is available for each company at December 31, 2021 related to their respective defined-benefit pension plans. Midland Bailey Net of pension assets and liabilities $110,000 $140,000 Prior service cost (after amortization, if any) $230,000 $175,000 What is the amount of Prior Service Cost recognized by each company on its balance sheet at December 31, 2021? Midland Bailey $230,000 $175,000 $-0- $175,000 $-0- $-0- d. $230,000 $-0

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Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.