On January 1, 2016. Flash and Dash Company adopted a healthcare plan for its retired employees....

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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 Accumulated postretirement benefit obligation (1/1/16) Expected return on plan assets Amortization of Prior service cost Payments to retired employees during 2016 Interest rate Average remaining service period of active plan participants (1/1/16) $29.200 109,200 0 8,400 4,010 8% 13 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 Accounting for an OPRB Plan Instructions Chart of Accounts Instructions General Journal Or ret 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. 1 2 DATE General Journal Analysis Check My Work GENERAL JOURNAL ACCOUNT TITLE All work saved. DELL POST REF DEBIT Email Instructor Save and Exit PAGE 1 CREDIT Previou Submit Assignment for Analysis Compute the OPRB expense for 2016 if the company uses the average remaining service life to amortize the prior service cost OPRB expense $ 3 4 5 Check My Work All work saved. 13 Email Instructor Save and Exit Submit Assig 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 Accumulated postretirement benefit obligation (1/1/16) Expected return on plan assets Amortization of Prior service cost Payments to retired employees during 2016 Interest rate Average remaining service period of active plan participants (1/1/16) $29.200 109,200 0 8,400 4,010 8% 13 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 Accounting for an OPRB Plan Instructions Chart of Accounts Instructions General Journal Or ret 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. 1 2 DATE General Journal Analysis Check My Work GENERAL JOURNAL ACCOUNT TITLE All work saved. DELL POST REF DEBIT Email Instructor Save and Exit PAGE 1 CREDIT Previou Submit Assignment for Analysis Compute the OPRB expense for 2016 if the company uses the average remaining service life to amortize the prior service cost OPRB expense $ 3 4 5 Check My Work All work saved. 13 Email Instructor Save and Exit Submit Assig

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STEP 1 Interest cost Accumulated post retirement benefi... View the full answer