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Question - The information below pertains to the retiree health care plan of Thompson Technologies:
($ in 000s)
2021 Beginning Balances
2021 Ending Balances
Accumulated postretirement benefit obligation
$500
$525
Plan assets
0
75
Funded status
(500)
(450)
Prior service cost-AOCI
145
120
Net gain-AOCI
(55)
(54)
Thompson began funding the plan in 2021 with a contribution of $132,000 to the benefit fund at the end of the year. Retirees were paid $57,000. The actuary's discount rate is 7%. There were no changes in actuarial estimates and assumptions.
Required -
1. Determine the service cost for 2021.
2. Determine the postretirement benefit expense for 2021.
3. Determine the net benefit liability for 2021.
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