Question: Using the information in E20.16, prepare a worksheet inserting January 1, 2019, balances, and showing December 31, 2019, balances. Prepare the journal entry recording postretirement

Using the information in E20.16, prepare a worksheet inserting January 1, 2019, balances, and showing December 31, 2019, balances. Prepare the journal entry recording postretirement benefit expense.

Service cost...........................................................................Russian Rubble 45,000

Contribution to the plan................................................................................10,000

Actual return on plan assets (at 8%)..............................................................8,800

Benefits paid...................................................................................................20,000

Plan assets at January 1, 2019.....................................................................110,000

Defined postretirement benefit obligation at January 1, 2019...............330,000

Discount (interest) rate.......................................................................................8%

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