The following data are available pertaining to Household Appliance Company's retiree health care plan for 2021: Number of employees covered 2 Years employed as of January 1, 2021 2 (each) Attribution period 25 years Expected postretirement benefit obligation, Jan. 1 $67,000 Expected postretirement benefit obligation, Dec. 31 $70,350 Interest rate 5% Funding none Required: 1-3 What is the accumulated postretirement benefit obligation at the beginning of 2021? what is interest cost and service cost to be included in 2021 postretirement benefit expense? 1. Accumulated postretirement benefit obligation __________ 2. Interest cost __________ 3. Service cost __________ Required: Prepare the journal entry to record the postretirement benefit expense for 2021. (if no entry is required for a particular event, select "No journal entry required" in the first account field.) Journal entry worksheet 1. Record the postretirement benefit expense.
The following data are available pertaining to Household Appliance Company's retiree health care plan for 2021:
Number of employees covered 2
Years employed as of January 1, 2021 2 (each)
Attribution period 25 years
Expected postretirement benefit obligation, Jan. 1 $67,000
Expected postretirement benefit obligation, Dec. 31 $70,350
Interest rate 5%
Funding none
Required: 1-3
What is the accumulated postretirement benefit obligation at the beginning of 2021? what is interest cost and service cost to be included in 2021 postretirement benefit expense?
1. Accumulated postretirement benefit obligation __________
2. Interest cost __________
3. Service cost __________
Required:
Prepare the
Journal entry worksheet
1. Record the postretirement benefit expense.
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