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Exercise 17-29 (Algo) Postretirement benefits; determine and record expense [LO 17-11] Gorky-Park Corporation provides postretirement health care benefits to employees who provide at least 10 years of service and reach age 60 while in service. On January 1, 2021, the following plan-related data were available: Accumulated postretirement benefit obligation Fair value of plan assets Average remaining service period to retirement Average remaining service period to full eligibility ($ in millions) $ 145 None 25 years (same in previous 10 yrs.) 20 years (same in previous 10 yrs.) On January 1, 2021, Gorky-Park amends the plan to provide certain dental benefits in addition to previously provided medical benefits. The actuary determines that the cost of making the amendment retroactive increases the APBO by $40 million. Management chooses to amortize the prior service cost on a straight-line basis. The service cost for 2021 is $46 million. The interest rate is 10%. Required: 1. Calculate the postretirement benefit expense for 2021. 2. Prepare the journal entry to record the expense. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the postretirement benefit expense for 2021. ((Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) ($ in millions) Postretirement benefit expense $ 0.0 Required 1 Required 2 > Required 1 Required 2 Prepare the journal entry to record the expense. (If no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) View transaction list Journal entry worksheet Record the expense. Note: Enter debits before credits. Event General Journal Debit Credit Record entry Clear entry View general journal Required 1