Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The information below pertains to the retiree health care plan of Thompson Technologies: Accumulated postretirement benefit obligation Plan assets Funded status Prior service cost-AOCI Net

image text in transcribed
The information below pertains to the retiree health care plan of Thompson Technologies: Accumulated postretirement benefit obligation Plan assets Funded status Prior service cost-AOCI Net gain-AOCI (5 in 00s) 2021 2021 Beginning Ending Balances Balances $ 650 $ 675 75 (650) (600) 210 164 (68) (67) Thompson began funding the plan in 2021 with a contribution of $145.000 to the benefit fund at the end of the year. Retirees were paid $56,000. The actuary's discount rate is 8%. There were no changes in actuarial estimates and assumptions. Required: 1. Determine the service cost for 2021. 2. Determine the postretirement benefit expense for 2021. 3. Determine the net benefit liability for 2021. (For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200).) Answer is complete but not entirely correct. 1 is in 000) $ 40 X S 109 $ 600 Service cost Postretirement benefit expense Net benefit abdity 2 3

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Operational Auditing Handbook Auditing Business Processes

Authors: Andrew Chambers, Graham Rand

1st Edition

0471970603, 978-0471970606

More Books

Students also viewed these Accounting questions

Question

8. Do the organizations fringe benefits reflect diversity?

Answered: 1 week ago

Question

7. Do the organizations social activities reflect diversity?

Answered: 1 week ago