Chapter 19 Intermediate Accounting III question

Ex.19-16

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D21 1-3 Homewo X Sign out * Digital Conte X S ACC 345 Am X S ACC 345 Am X | ACC 345 Am X , Amazon Rev X y! Amazon.com X CengageNO! X * Homework+ x + X C @ https://v2.cengagenow.com/ilmn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Chapter 19 Homework Assignment eBook Show Me How Accounting for an OPRB Plan ? Instructions Chart of Accounts General Journal Analysis Instructions On January 1, 2016, Flash and Dash Company adopted a healthcare plan for its retired employees. To determine eligibility for benefits, the company retroactively gives credit to the date of hire for each employee. The following information is available about the plan Service cost $30,000 Accumulated postretirement benefit obligation (1/1/16) 120,000 Expected return on plan assets Amortization of Prior service cost 10,000 Payments to retired employees during 2016 5,000 Interest rate 10% Average remaining service period of active plan participants (1/1/16) 12 years Required: 1. Compute the OPRB expense for 2016 if the company uses the average remaining service life to amortize the prior service cost. 2. Prepare all the required journal entries for 2016 if the plan is not funded. Chart of Accounts CHART OF ACCOUNTS Check My Work Previous Next Assignment Score: 80% All work saved. Email Instructor Save and Exit Submit Assignment for Grading 96 F O X 2:34 PM Sunny 6/14/2022 4D21 1-3 Homewo X Sign out * Digital Conte X S ACC 345 Am X S ACC 345 Am X | ACC 345 Am X , Amazon Rev X y! Amazon.com X CengageNO| X * Homework+ + X https://v2.cengagenow.com/ilmn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false AD Chapter 19 Homework Assignment 1 eBook Show Me How CHART OF ACCOUNTS Flash and Dash Company General Ledger ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 141 Inventory EXPENSES 152 Prepaid Insurance 500 Cost of Goods Sold 181 Equipment 511 Insurance Expense 198 Accumulated Depreciation 512 Utilities Expense 521 Salaries Expense LIABILITIES 523 Postretirement Benefit Expense 211 Accounts Payable 532 Bad Debt Expense 231 Salaries Payable 540 Interest Expense 250 Unearned Revenue 541 Depreciation Expense 252 Accrued Postretirement Benefit Cost 559 Miscellaneous Expenses 261 Income Taxes Payable 910 Income Tax Expense EQUITY 311 Common Stock 331 Retained Earnings 916 Other Comprehensive Income: Prior Service Cost Check My Work Previous Next Assignment Score: 80% All work saved. Email Instructor Save and Exit Submit Assignment for Grading 96.F O X 2:34 PM 6/14/2022 4 SunnyD21 1-3 Homewo X Sign out * Digital Conte X S ACC 345 Am X |S ACC 345 Am X | ACC 345 Am X , Amazon Rev X y! Amazon.com X CengageNO| X * Homework+ x + X -> C https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Chapter 19 Homework Assignment eBook Show Me How General Journal Prepare the entries to record: 1. the prior service cost on January 1 2. the postretirement benefit expense for 2016 on December 31 3. the payments to retired employees during 2016 on December 31 4. the amortization of prior service cost on December 31 PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT Check My Work Previous Next Assignment Score: 80% All work saved. Email Instructor Save and Exit Submit Assignment for Grading 96 F O X 2:35 PM Sunny 6/14/2022 4D21 1-3 Homewo X Sign out * Digital Conte X S ACC 345 Am x S ACC 345 Am X ) ACC 345 Am X , Amazon Rev X y! Amazon.com X CengageNO| X * Homework+ x + X -> C @ https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false V Oq Chapter 19 Homework Assignment eBook Show Me How Accounting for an OPRB Plan ? Instructions Chart of Accounts General Journal Analysis Analysis Compute the OPRB expense for 2016 if the company uses the average remaining service life to amortize the prior service cost. OPRB expense $ Check My Work Previous Next Assignment Score: 80% All work saved. Email Instructor Save and Exit Submit Assignment for Grading 96 F O X 2:35 PM Sunny 6/14/2022 4