Garner Inc. provides the following information related to its post-retirement benefits for the year 2020. Accumulated post-retirement
Question:
Garner Inc. provides the following information related to its post-retirement benefits for the year 2020.
Accumulated post-retirement benefit obligation
at January 1, 2020..........................................................$710,000
Actual and expected return on plan assets....................34,000
Prior service cost amortization........................................21,000
Discount rate...........................................................................10%
Service cost.........................................................................83,000
Instructions
Compute post-retirement benefit expense for 2020.
Expected ReturnThe expected return is the profit or loss an investor anticipates on an investment that has known or anticipated rates of return (RoR). It is calculated by multiplying potential outcomes by the chances of them occurring and then totaling these...
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Service cost 83000 Interest on accumulated postr...View the full answer
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Related Book For 
Intermediate Accounting
ISBN: 978-1119503668
17th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfiel
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