Prepare all the required journal entries

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Reference no: EM132219722

Question - On January 1, 2016, Flash and Dash Company adopted a healthcare plan for its retired employees. To determine eligibility for benefits, the company retroactively gives credit to the date of hire for each employee. The following information is available about the plan: Service cost $30,000 Accumulated postretirement benefit obligation (1/1/16) 120,000 Expected return on plan assets 0 Amortization of Prior service cost 10,000 Payments to retired employees during 2016 5,000 Interest rate 10% Average remaining service period of active plan participants (1/1/16) 12 years.

Required:

1. Compute the OPRB expense for 2016 if the company uses the average remaining service life to amortize the prior service cost.

2. Prepare all the required journal entries for 2016 if the plan is not funded.

Reference no: EM132219722

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