H1. On January 1, 2021, Gorky-Park amends the plan to provide certain dental benefits in addition to previously provided medical benefits.The actuary determines that the cost of making the amendment retroactive increases the APBO by $30 million. Management choosesto amortize the prior service cost on a straight-line basis. The service cost for 2021 is $36 million. The interest rate is 8%.Required:1. Calculate the postretirement benefit expense for 2021.2. Prepare the journal entry to record the expense.Complete this question by entering your answers in the tabs below.Required 1 Required 2Calculate the postretirement benefit expense for 2021. ((Enter your answers in millions rounded to 1 decimal place (i.e.,5,500,000 should be entered as 5.5).)Postretirement benefit expenseShow Transcribed TextView transaction listJournal entry worksheet< 1Record the expense.($ in millions)Note: Enter debits before credits.Event1$< Required 1Complete this question by entering your answers in the tabs below.Record entryRequired 1 Required 2Prepare the journal entry to record the expense. (If no entry is required for a transaction/event, select "No journal entry required" in thefirst account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).)30.0General JournalClear entryRequired 2 >DebitCreditView general Journal Exercise 17-29 (Algo) Postretirement benefits; determine and record expense [LO 17-11]Gorky-Park Corporation provides postretirement health care benefits to employees who provide at least 12 years of service and reachage 62 while in service. On January 1, 2021, the following plan-related data were available:Accumulated postretirement benefit obligationFair value of plan assetsAverage remaining service period to retirementAverage remaining service period to full eligibilityRequired:1. Calculate the postretirement benefit expense for 2021.2. Prepare the journal entry to record the expense.Complete this question by entering your answers in the tabs below.On January 1, 2021, Gorky-Park amends the plan to provide certain dental benefits in addition to previously provided medical benefits.The actuary determines that the cost of making the amendment retroactive increases the APBO by $30 million. Management choosesto amortize the prior service cost on a straight-line basis. The service cost for 2021 is $36 million. The interest rate is 8%.Required 1 Required 2($ in millions)$ 130None25 years (same in previous 10 yrs.)20 years (same in previous 10 yrs.)($ in millions)Calculate the postretirement benefit expense for 2021. ((Enter your answers in millions rounded to 1 decimal place (i.e.,5,500,000 should be entered as 5.5).)

Employees are one of important asset for business. Postretirement benefit expenses are those…

On January 1, 2021, Gorky-Park amends the plan to provide certain dental benefits in addition to previously provided medical benefits. The actuary determines that the cost of making the amendment retroactive increases the APBO by $30 million. Management chooses to amortize the prior service cost on a straight-line basis. The service cost for 2021 is $36 million. The interest rate is 8%. Required: 1. Calculate the postretirement benefit expense for 2021. 2. Prepare the journal entry to record the expense. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the postretirement benefit expense for 2021. ((Enter your answers in millions rounded to 1 decimal place (ie, 5,500,000 should be entered as 5.5).) ($ in millions)