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The information below pertains to the retiree health care plan of Thompson Technologies: ($ in thousands) 2024 Beginning 2024 Ending Accumulated postretirement benefit obligation Plan
The information below pertains to the retiree health care plan of Thompson Technologies: ($ in thousands) 2024 Beginning 2024 Ending Accumulated postretirement benefit obligation Plan assets Funded status Prior service cost-AOCI Net gain-AOCI Balances Balances $ 500 $ 525 0 75 (500) 140 (450) 118 (54) (53) Thompson began funding the plan in 2024 with a contribution of $131,000 to the benefit fund at the end of the year. Retirees were paid $56,000. The actuary's discount rate is 4%. There were no changes in actuarial estimates and assumptions. Required: 1. Determine the service cost for 2024. 2. Determine the postretirement benefit expense for 2024. 3. Determine the net benefit liability for 2024. Note: For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200). 1. Service cost 2. Postretirement benefit expense 3. Net benefit liability ($ in thousands)
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