Data pertaining to the postretirement health care benefit plan of Sterling Properties include the following for 2024:
Question:
Data pertaining to the postretirement health care benefit plan of Sterling Properties include the following for 2024:
Required:
1. Determine the postretirement benefit expense for 2024.
2. Prepare the appropriate journal entries to record the (a) postretirement benefit expense, (b) funding, and (c) retiree benefits for 2024.
Transcribed Image Text:
Service cost Accumulated postretirement benefit obligation, January 1 Plan assets (fair value), January 1 Prior service cost-AOCI Net gain-AOCI (2024 amortization, $1) Retiree benefits paid (end of year) Contribution to health care benefit fund (end of year) Discount rate, 7% Return on plan assets (actual and expected), 10% ($ in thousands) $124 700 50 none 91 87 185
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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