Exercise $17\mathrm{.}25($Algo$)$ Postretirement benefits; determine APBO, service cost, interest cost; prepare journal entry $[$LO$17-10,17-11]$

$10$

points

Skipped

Number of employees covered

Years employed as of January $1,2024,2[$e$\backslash$bar $($a$)$ ch$]$

Attribution period

$25$ years

Expected postretirement benefit obligation, January $1$

$$52,000$

Expected postretirement benefit obligation, December $31$

Interest rate

$$54,600$

Funding

none

Print

Required:

What is the accumulated postretirement benefit obligation at the beginning of $2024?$

What is interest cost to be included in $2024$ postretirement benefit expense?

What is service cost to be included in $2024$ postretirement benefit expense?

Prepare the journal entry to record the postretirement benefit expense for $2024$

Complete this question by entering your answers in the tabs below.

Req $1$ to $3$

Req $4$

Prepare the journal entry to record the postretirement benefit expense for $2024.$

Note: If no entry is required for a particular event, select $"$No journal entry required" in the first account field.

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Journal entry worksheet

$1$