Using the information in E20.16, prepare a worksheet inserting January 1, 2022, balances, and showing December 31, 2022, balances. Prepare the journal entry recording postretirement benefit expense.

E20.16

Kreter Concepts provides the following information about its postretirement benefit plan for the year 2022.

Service cost ................................................................... 45,000
Contribution to the plan ............................................. 10,000
Actual return on plan assets (at 8%) ............................ 8,800
Benefits paid ................................................................. 20,000
Plan assets at January 1, 2022 .................................. 110,000
Defined postretirement benefit obligation at January 1,
2022 .............................................................................. 330,000
Discount (interest) rate ........................................................ 8%