On January 1, 2019, Henry Company decided to provide a healthcare plan for retired employees. In order for benefits to be determined for each employee, the company gives credit to the date of hire for each employee. This is a retroactive benefit. The following information regarding the plan is as follows:

Accumulated postretirement benefit obligation for employees fully
eligible to receive benefits (12/31/19)	$ 50,000
Accumulate postretirement benefit obligation (1/1/19)	150,000
Average remaining service period of active plan participants
(1/1/19)	10 years
Expected return on plan assets	-
Interest rate	12%
Payments to retired employees during 2019	$ 15,000
Prior service cost	25,000
Service Cost Required:	45,000

1) Compute the OPRB expense for 2019 using the average remaining service life to amortize the prior service cost.

2) Prepare all the required journal entries for 2019 if the plan is not funded.

3) Compute the accumulated postretirement benefit obligation.

ANSWER: