Hello,

Can you help me figure out what I'm doing wrong? I'm supposed to prepare journal entries as well as the OPRB expense but I am coming up with some wonky numbers.

Thanks for any help,

General Journal Shaded cells have feedback. Prepare the entries to record: 1. the prior service cost on January 1. 2. the postretirement benefit expense for 2016 on December 31. 3. the payments to retired employees during 2016 on December 31. 4. the amortization of prior service cost on December 31. How does grading work? PAGE 1 GENERAL JOURNAL Score: 85/101 DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 Jan. 1 Other Comprehensive Income: Prior Service Cost 104,000.00 Accrued Postretirement Benefit Cost 104,000.00 Dec. 31 Postretirement Benefit Expense 50,500.00 Accrued Postretirement Benefit Cost 50,500.00 5 Dec. 31 Accrued Postretirement Benefit Cost 5,010.00 Cash 5,010.00 Dec. 31 Accrued Postretirement Benefit Cost 8,000.00 Other Comprehensive Income: Prior Service Cost 8,000.00Instructions On January 1, 2016, Flash and Dash Company adopted a healthcare plan for its retired employees. To determine eligibility for benefits, the company retroactively gives credit to the date of hire for each employee. The following information is available about the plan: Service cost $29,200 Accumulated postretirement benefit obligation (1/1/16) 123,200 Expected return on plan assets 0 Amortization of Prior service cost 11,200 Payments to retired employees during 2016 4,670 Interest rate 12% Average remaining service period of active plan participants (1/1/16) 11 years Required: 1. Compute the OPRB expense for 2016 if the company uses the average remaining service life to amortize the prior service cost. 2. Prepare all the required journal entries for 2016 if the plan is not funded.Analysis Shaded cells have feedback. Compute the OPRB expense for 2016 if the company uses the average remaining service life to amortize the prior service cost. OPRB expense K Points: 0/1