The following information on postretirement benefit obligations is excerpted from Ordonez Corporation's Form 10-K for the fiscal year ending June 30, 2008. (This is a real company whose name has been disguised.)

Required:
1. Provide the journal entry to record all transactions pertaining to the OPEB liability during fiscal 2008.
2. Prepare a schedule showing the changes in the APBO from 2007 to 2008.
3. What would have been the OPEB expense had the company used the cash basis approach?
4. Show that the journal entries result in a balance sheet pension asset (liability) equal to the funded status.

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As of June 30 2008 2007 APBO $(21,743,000) $(20,494,000) AOCI-net actuarial (gain) loss (699,000) (1,192,000) OPEB asset (liability) $(21,743,000) $(20,494,000) Assumptions 2008 Discount rate used to determine APBO 7.00% 2007 7.25% Service cost Interest cost Amortization of unrecognized net gain Net periodic benefit (OPEB) cost. Benefit payments in 2008 totaled $1,155,000. Year Ended June 30, 2008 $ 467,000 1,444,000 -0- $1,911,000