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Headland Co. provides the following information about its postretirement benefit plan for the year 2020. Service cost $96,000 Prior service cost amortization 2,900 Contribution to
Headland Co. provides the following information about its postretirement benefit plan for the year 2020.
Service cost | $96,000 | ||
Prior service cost amortization | 2,900 | ||
Contribution to the plan | 54,700 | ||
Actual and expected return on plan assets | 56,200 | ||
Benefits paid | 42,600 | ||
Plan assets at January 1, 2020 | 701,700 | ||
Accumulated postretirement benefit obligation at January 1, 2020 | 745,500 | ||
Accumulated OCI (PSC) at January 1, 2020 | 93,500 | Dr. | |
Discount rate | 9 | % |
Prepare a worksheet inserting January 1, 2020, balances, showing December 31, 2020, balances, and the journal entry recording postretirement benefit expense. (Enter all amounts as positive.)
HEADLAND CO. Postretirement Benefit Worksheet-2020 General Journal Entries OCI-Prior Service Cost Memo Record Annual Postretirement Expense Postretirement Asset/ Liability Items Cash APBO Plan Assets Balance, Jan. 1, 2020 Service cost Interest cost Actual return Contributions Benefits Amortization of PSC Journal entry for 2020 Accumulated OCI, Dec. 31, 2019 $ Balance, Dec. 31, 2020
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