On January 1, 2024, DeSoto Industries' accumulated postretirement benefit obligation was $75 million. Retiree benefits of $9 million were paid at the end of 2024. Service cost for 2024 is $21 million. Estimates and assumptions regarding future health care costs were revised in 2024, causing the actuary to revise downward the estimate of the APBO by $2 million. The actuary's discount rate is 8% . There were no other pertinent account balances at the end of 2024. What is the accumulated postretirement benefit obligation at December 31, 2024?

On January 1, 2024, DeSoto Industries' accumulated postretirement benefit obligation was $75 million. Retiree benefits of $9 million were paid at the end of 2024. Service cost for 2024 is $21 million. Estimates and assumptions regarding future health care costs were revised in 2024, causing the actuary to revise downward the estimate of the APBO by $2 million. The actuary's discount rate is 8% . There were no other pertinent account balances at the end of 2024. What is the accumulated postretirement benefit obligation at December 31, 2024?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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