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Discuss the postretirement benefit plan

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Question: (Postretirement Benefit Expense Computation) Englehart Co. provides the following information about its postretirement benefit plan for the year 2014.

Service cost                                                           $ 90,000

Prior service cost amortization                                        3,000

Contribution to the plan                                               56,000

Actual and expected return on plans assets                     62,000

Benefits paid                                                              40,000

Plan assets at January 1, 2014                                     710,000

Accumulated post retirement benefit obligation
at January 1, 2014                                                     760,000

Accumulated OCI (PSC) at January 1, 2014                     100,000 Dr.

Discount rate                                                                  9%

Instructions: Compute the postretirement benefit expense for 2014.

Reference no: EM131593344

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