The information below pertains to the retiree health care plan of Thompson Technologies: Thompson began funding the
Question:
The information below pertains to the retiree health care plan of Thompson Technologies: Thompson began funding the plan in 2024 with a contribution of $127,000 to the benefit fund at the end of the year. Retirees were paid $52,000. The actuary’s discount rate is 5%. There were no changes in actuarial estimates and assumptions.
Required:
Determine the following amounts for 2024:
1. Service cost.
2. Postretirement benefit expense.
3. Net benefit liability.
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Requirement 1 in 000s APBO Beginning of 2024 460 Service cost Interest cost 23 5 x 460 Loss gain on ...View the full answer
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