Reference no: EM132716943
Data pertaining to the postretirement health care benefit plan of Sterling Properties include the following for 2018:
($ in 000s)
Service cost $136
Accumulated postretirement benefit obligation, January 1 700
Plan assets (fair value), January 1 30
Prior service cost-AOCI none
Net gain-AOCI (2018 amortization, $2) 100
Retiree benefits paid (end of year) 88
Contribution to health care benefit fund (end of year) 200
Discount rate, 8%
Return on plan assets (actual and expected), 10%
Required:
Problem 1. Determine the postretirement benefit expense for 2018. (Amounts to be deducted should be indicated with a minus sign.)
Problem 2. Prepare the appropriate journal entries to record the postretirement benefit expense, funding, and retiree benefits for 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter you answers in thousands (i.e., 200,000 should be entered as 200).
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