Question
Adjusting for the OPEB liability in government-wide financial statements Kings County finances its retiree health and other OPEB benefits entirely on a pay-as-you-go basis. In
Adjusting for the OPEB liability in government-wide financial statements
Kings County finances its retiree health and other OPEB benefits entirely on a pay-as-you-go basis. In its December 31, 2018 government-wide balance sheet, it reported a net OPEB liability of $22.6 billion. During the year, the county renegotiated its OPEB benefits structure with its employees. As a result, the county was able to reduce its net OPEB liability. It estimated its December 31, 2019 net OPEB liability at $20.8 billion. Prepare journal entries needed to report the countys OPEB liability in its December 31, 2019 statement of net position. Assume that all governmental-fund-related OPEB amounts due and payable at December 31, 2019 have been paid.
Enter numerical answers in billions (using decimal places).
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