Opsco Corp. provides the following information about its post-retirement health care benefit plan for the year 2013:
Current service cost................................................$ 202,500
Contribution to the plan................................................47,250
Actual return on plan assets..........................................141,750
Benefits paid............................................................90,000
Plan assets at Jan. 1, 2013..........................................1,597,500
Defined post-retirement benefit obligation at Jan. 1, 2013...1,822,500
Discount rate and expected rate of return on plan assets.............9%
Opsco follows IFRS.
Instructions
Calculate the post-retirement benefit expense for 2013, and prepare all required journal entries related to the postretirement benefit plan that were made by Opsco in 2013.