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Calculate postretirement benefit expense

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Question - The actuaries of the Springfield manufacturing company reported the following information for the firm's postretirement benefits (health care) as of 1/1/2021.

Numbers are in millions:

Plan assets (1/1/2021) $$ 100

Service Cost 148

Accumulated Postretirement Benefit Obligation 1,400

Prior service cost none Net Gain-AOC (2021) 120

Average remaining years of service 10 years

Retiree benefits paid 150

Contribution to the health care fund 130

Discount rate 8%

Expected return on plan assets (same as actual) 10%

Required -

A. Calculate postretirement benefit expense for 2021.

B. Make the necessary journal entries.

Reference no: EM133183462

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