Question: Using the information in E20.19, prepare a worksheet inserting January 1, 2019, balances, showing December 31, 2019, balances, and the journal entry recording postretirement benefit

Using the information in E20.19, prepare a worksheet inserting January 1, 2019, balances, showing December 31, 2019, balances, and the journal entry recording postretirement benefit expense.

Service cost................................................................................................€ 90,000

Contribution to the plan.............................................................................56,000

Actual return on plan assets......................................................................62,000

Benefits paid................................................................................................40,000

Plan assets at January 1, 2019.................................................................710,000

Defined postretirement benefit obligation at January 1, 2019...........760,000

Accumulated OCI (Loss) at January 1, 2019.............................................100 Dr.

Discount (interest) rate.....................................................................................9%

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