Data pertaining to the post-retirement health care benefit plan of Sterling Properties include the following for 2021:

Required:

1. Determine the postretirement benefit expense for 2021.

2. Prepare the appropriate journal entries to record the

(a) Post-retirement benefit expense,

(b) Funding,

(c) Retiree benefits for 2021.

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($ in thousands) Service cost Accumulated postretirement benefit obligation, January 1 Plan assets (fair value), January 1 Prior service cost-AOCI Net gain-AOCI (2021 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% $124 700 50 none 91 87 185