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Data pertaining to the postretirement health care benefit plan of Sterling Properties include the following for 2018: ($ in 000s) Service cost S 144 Accumulated postretirement benefit obligation, January 1 Plan assets (fair value), January 1 1,100 70 Prior service cost-AOCI none Net gain-AOCI (2018 amortization, $3) Retiree benefits paid (end of year) Contribution to health care benefit fund (end of year) Discount rate, 6 104 92 220 Return on plan assets (actual and expected), 10% Determine the postretirement benefit expense for 2018. (Amounts to be deducted should be indicated with a minus sign.) (S in 000s) Service cost Interest cost Expected return on the plan assets Amortization of net gain Postretirement benefit expense C Prepare the appropriate journal entries to record the postretirement benefit expense, funding, and retiree benefits for 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter you answers in thousands (i.e., 200,000 should be entered as 200).) View transaction list View journal entry worksheet No Event General Journal Debit Credit 1 Postretirement benefit expense 1 Plan assets Amortization of net gain-OCI APBO 2 2. Plan assets Cash APBO 3 3 Plan assets Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.3% x service years x final year's salary, payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2004 and is expected to retire at the end of 2038 after 35 years' service. Her retirement is expected to span 18 years. Davenport's salary is $81,000 at the end of 2018 and the company's actuary projects her salary to be $235,000 at retirement. The actuary's discount rate is 7%. (FV of $1, PV of $1. FVA of $1 PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Annual retirement payments Projected benefit obligation 2018 Projected benefit obligation 2021 2. |3. 4. Sachs Brands' defined benefit pension plan specifies annual retirement benefits equal to: 1.2% x service years x final year's salary payable at the end of each year. Angela Davenport was hired by Sachs at the beginning of 2004 and is expected to retire at the end of 2038 after 35 years' service. Her retirement is expected to span 18 years. Davenport's salary is $80,000 at the end of 2018 and the company's actuary projects her salary to be $230,000 at retirement. The actuary's discount rate is 6%. (FV of $1, PV of $1. FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. Project benefit obligation 2. Annual retirement payments 3. Service cost 4. Interest cost 5. Projected benefit obligation