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this is a question with multiple parts Data pertaining to the postretirement health care benefit plan of Sterling Properties include the following for 2021 Service
this is a question with multiple parts
Data pertaining to the postretirement health care benefit plan of Sterling Properties include the following for 2021 Service cost Accumulated postretirement benefit obligation, January 1 Plan assets fair value), January 1 Prior service cost-AOCI Net gain-AOCI (2021 amortization, $3) Retiree benefits paid (and of year) Contribution to health care benefit fund (end of year) Discount rate, 61 Return on plan assets (actual and expected). 108 16 in thousands $ 144 1,100 70 none 104 92 220 Required: 1. Determine the postretirement benefit expense for 2021 2. Prepare the appropriate journal entries to record the (a) postretirement benefit expense. (b) funding, and (c) retiree benefits for 2021 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the postretirement benefit expense for 2021. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) (s in thousands) Postretirement benefit expense Required 1 Required 2 Prepare the appropriate journal entries to record the (a) postretirement benefit expense, (b) funding, and (c) (If no entry is required for a transaction/event, select "No journal entry required in the first account field. En thousands (i.e., 200,000 should be entered as 200).) View transaction list Journal entry worksheet Record the postretirement benefit expense. Note: Enter debits before credits Transaction General Journal Debit Credit A Record entry Clear entry View general Journal Required 1 Required 2 Prepare the appropriate journal entries to record the (a) postretirement benefit expense, (b) funding, and (c) retires (ir no entry is required for a transaction/event, select "No journal entry required in the first account field. Enter you thousands (.e., 200,000 should be entered as 200).) View transaction list Journal entry worksheet Record the payment of retiree benefits. Note: Enter debits before credits Transaction General Journal Debit Credit C Record entry Clear entry View general Journal Step by Step Solution
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