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Calculate post retirement benefit expense for current year

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Reference no: EM132762269

Question - The following data are for Guava Company's retiree health care plan for the current calendar year.

Number of employees covered 5

Years employed as of January 1 4 (each)

Attribution period 20 years

EPBO, January 1 $64,000

EPBO, December 31 $69,120

Interest rate 8%

Funding and plan assets None

Required -

a) Calculate the post retirement benefit expense for the current year.

b) Record the entry to record postretirement benefit expense for the current year.

Reference no: EM132762269

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