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The information below pertains to the retiree health care plan of Thompson Technologies: Thompson began funding the plan in 2024 with a contribution of $136,000
The information below pertains to the retiree health care plan of Thompson Technologies: Thompson began funding the plan in 2024 with a contribution of $136,000 to the benefit fund at the end of the year. Retirees were paid $50,000. The actuary's discount rate is 5%. 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 )
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