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Vaughn Co. provides the following information about its postretirement benefit plan for the year 2017. Service cost $83,900 Prior service cost amortization 3,100 Contribution to
Vaughn Co. provides the following information about its postretirement benefit plan for the year 2017.
Service cost | $83,900 | ||
Prior service cost amortization | 3,100 | ||
Contribution to the plan | 51,000 | ||
Actual and expected return on plan assets | 67,100 | ||
Benefits paid | 42,700 | ||
Plan assets at January 1, 2017 | 697,300 | ||
Accumulated postretirement benefit obligation at January 1, 2017 | 756,400 | ||
Accumulated OCI (PSC) at January 1, 2017 | 103,300 | Dr. | |
Discount rate | 8 | % |
Prepare a worksheet inserting January 1, 2017, balances, showing December 31, 2017, balances, and the journal entry recording postretirement benefit expense. (Enter all amounts as positive.)
VAUGHN CO. Postretirement Benefit Worksheet2017 | ||||||||||||||||||
General Journal Entries | Memo Record | |||||||||||||||||
Items | Annual Postretirement Expense | Cash | OCIPrior Service Cost | Postretirement Asset/ Liability | APBO | Plan Assets |
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