Brief Exercise $17-14($Algo$)$ Postretirement benefits; Exercise $17-2($Algo$)$ Determine the projected benefit

obligation $[$LO$17-3]$

On January $1,2024,$ Ravetch Corporation's projected benefit obligation was

$$41$ million. During $2024,$ pension benefits paid by the trustee were $$6$

million. Service cost for $2024$ is $$15$ million. Pension plan assets $($at fair value$)$

increased during $2024$ by $$8$ million as expected. At the end of $2024,$ there

were no pension$-$related other comprehensive income $($OCl$)$ accounts. The

actuary's discount rate was $10\%.$

Required:

Determine the amount of the projected benefit obligation at December $31,$

Note: Enter your answers in millions rounded to $2$ decimal places $($i$.$e$.,$

$5,500,000$ should be entered as $5\mathrm{.}50).$ Amounts to be deducted should be

indicated with a minus sign.

determine the APBO and service cost $[$LO$17-9,17-10]$

Prince Distribution Incorporated has an unfunded postretirement benefit

plan. Medical care and life insurance benefits are provided to employees

who render $10$ years service and attain age $55$ while in service. At the end of

$2024,$ Jim Lukawitz is $36.$ He was hired by Prince at age $29(7$ years ago$)$ and

is expected to retire at age $61.$ The expected postretirement benefit

obligation for Lukawitz at the end of $2024$ is $$48,000$ and $$54,000$ at the

end of $2025.$

Calculate the accumulated postretirement benefit obligation at the end of

$2024$ and $2025$ and the service cost for $2024$ and $2025,$ as pertaining to

Lukawitz.

Note: Enter your answers in whole dollar amount. Round your final

answers to the nearest whole dollar.

Answer is complete but not entirely correct.