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The following data are for Guava Company's defined benefit pension plan for the current calendar year. Number of employees covered 5 Years employed as of
The following data are for Guava Company's defined benefit pension plan for the current calendar year.
Number of employees covered | 5 | |
Years employed as of January 1 | 4 (each) | |
Attribution period | 20 years | |
EPBO, January 1 | $75,000 | |
EPBO, December 31 | $89,000 | |
Interest rate | 8% | |
Funding and plan assets | None |
a.) Calculate the post retirement benefit expense for the current year. (Show calculations, label each amount, and round amounts to the nearest whole dollar.)
b. Record the entry to record post-retirement benefit expense for the current year.
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