The information below pertains to the retiree health care plan of Thompson Technologies: ($ in thousands) 2024 Beginning 2024 Ending Balances Balances $ 450 $ 475 0 75 (400) 112 (50) Accumulated postretirement benefit obligation Plan assets Funded status Prior service cost-AOCI Net gain-AOCI (450) 125 (51) Thompson began funding the plan in 2024 with a contribution of $128,000 to the benefit fund at the end of the year. Retirees were paid $53,000. The actuary's discount rate is 6%. There were no changes in actuarial estimates and assumptions. Required: 1. Determine the service cost for 2024. 2. Determine the postretirement benefit expense for 2024. 3. Determine the net benefit liability for 2024. Note: For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200).

The information below pertains to the retiree health care plan of Thompson Technologies: ($ in thousands) 2024 Beginning 2024 Ending Balances Balances $ 450 $ 475 0 75 (400) 112 (50) Accumulated postretirement benefit obligation Plan assets Funded status Prior service cost-AOCI Net gain-AOCI (450) 125 (51) Thompson began funding the plan in 2024 with a contribution of $128,000 to the benefit fund at the end of the year. Retirees were paid $53,000. The actuary's discount rate is 6%. There were no changes in actuarial estimates and assumptions. Required: 1. Determine the service cost for 2024. 2. Determine the postretirement benefit expense for 2024. 3. Determine the net benefit liability for 2024. Note: For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200).

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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