Question: Shown Work. No written work wanted thxs The information below pertains to the retiree health care plan of Thompson Technologies: Thompson began funding the plan
The information below pertains to the retiree health care plan of Thompson Technologies: Thompson began funding the plan in 2024 with a contribution of $130,000 to the benefit fund at the end of the year. Retirees were paid $55,000. The actuary's discount rate is 5%. There were no changes in actuarial estimates and assumptions. Required: 1. Determine the service cost for 2024 . 2. Determine the postretirement benefit expense for 2024 . 3. Determine the net benefit liability for 2024 . Note: For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
