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Determine amazings postretirement benefit expense

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Reference no: EM13847514

Data pertaining to the postretirement health care benefit plan of Amazing Delivery Service include the following for the current calendar year:

Service cost

$100,000

APBO, January 1

$600,000

Plan assets (fair value), January 1

$40,000

Prior service cost

None

Retiree benefits paid (end of year)

$75,000

Net gain (current year amortization, $500)

$82,000

Contribution to health care fund (end of year)

$172,000

Return on plan assets (actual and expected)

10%

Discount rate

7%

Required:

1) Determine Amazing's postretirement benefit expense for the current year.

2) Prepare the journal entry to record the benefit expense for the current year.

Reference no: EM13847514

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