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Clipboard I Font Alignment Number Number Al 1 X P20-13 Postretirement Benefit Worksheet. Page 1174 D E F G H 1 P20-13 Postretirement Benefit Worksheet. Page 1174 3 a) using the data in the assignment compute the net periodic postretirement benefit cost for 2017. Show the journal entry for expense and 4 the year end balances in the related postretirement benefits memo accounts. 5 Assume that contributions and benefits are paid at the end of the year. Use the worksheet below. Show whether amounts should be debited or credit 7 (a) HOLLENBECK FOODS INC Postretirement Benefit Worksheet-2017 General Journal Entries Memo Record Postretir Gement APBO Plan items Annual Postretirement Cash S Expense ain/Loss Asset/LI Assets 13 Balance, Jan 1, 2017 14 Service cost 15 Interest cost" 16 Actual return Unexpected gain" 18 Contributions 19 Benefits 20 Journal entry, for 2017 21 Accumulated OCI, Dec 31, 2016 22 Balance, Dec. 31, 2017 25 lb) Prepare journal entries related to the post retirement plan for 2017 and indicate the post retirement amounts reported in the 2017 financial statements E20-19 P20-13 c20-5 Type here to search O enery I PER (b) Indicate the pension amounts reported in the financial statements. P20-13 (L06,7) GROUPWORK (Postretirement Benefit Worksheet Hollenbeck Foods Inc, sponsors a postretirement med and dental benefit plan for its employees. The following balances relate to this plan on January 1, 2017 Plan assets $200,000 Expected postretirement benefit obligation 820,000 Accumulated postretirement benefit obligation 200,000 No prior service costs or OCI balances exist. As a result of the plan's operation during 2017, the following additional data are provided by the actuary. Service cost is $70,000 Discount rate is 10% Contributions to plan are $65,000 Expected return on plan assets is $10,000 Actual return on plan assets is $15,000 Benefits paid to employees are $14,000 Average remaining service to full eligibility:20 wears Instructions (a) Using the preceding data, compute the net periodic postretirement benefit cost for 2017 by preparing a worksheet that shows the journal entry for postretirement expense and the year-end balances in the related postretirement benefit memo accounts. (Assume that contributions and benefits are paid at the end of the year.) (b) Prepare any joumal entries related to the postretirement plan for 2017 and indicate the postretirement amounts reported in the financial statements for 2017