Other postretirement benefits : The postretirement benefits which are provided by employers, other than pensions, like medical insurance, life insurance, and legal services, and healthcare benefits, are referred to as other postretirement benefits. Postretirement benefit expense : This is an expense to the employer paid as compensation after the completion of services performed by the employees for the other postretirement benefits. To determine : Amortization of prior service cost

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Answer 1

Question

Chapter 17, Problem 17.30E

(1)

To determine

Other postretirement benefits: The postretirement benefits which are provided by employers, other than pensions, like medical insurance, life insurance, and legal services, and healthcare benefits, are referred to as other postretirement benefits.

Postretirement benefit expense: This is an expense to the employer paid as compensation after the completion of services performed by the employees for the other postretirement benefits.

To determine: Amortization of prior service cost

(2)

To determine

Postretirement benefit expense for 2018

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How do i find the postretirement benefit expense with no EPBO beginning balance

h9

16. Southeast Technology provides postretirement health care benefits to employees. On January 1, 2021, the following plan-related data were available: ($ in thousands) Prior service cost—originated in 2016 $ 50 Accumulated postretirement benefit obligation 530 Fair value of plan assets none Average remaining service period to retirement 20 years (same in previous 10 years) Average remaining service period to full eligibility 15 years (same in previous 10 years) On January 1, 2021, Southeast amends the plan in response to spiraling health care costs. The amendment establishes an annual maximum of $3,000 for medical benefits that the plan will provide. The actuary determines that the effect of this amendment is to decrease the APBO by $80,000. Management amortizes prior service cost on a straight-line basis. The interest rate is 8%. The service cost for 2021 is $114,000. Required:1. Complete the below table to calculate the prior service cost…

Answer 2

Question

Chapter 17, Problem 17.30E

(1)

To determine

Other postretirement benefits: The postretirement benefits which are provided by employers, other than pensions, like medical insurance, life insurance, and legal services, and healthcare benefits, are referred to as other postretirement benefits.

Postretirement benefit expense: This is an expense to the employer paid as compensation after the completion of services performed by the employees for the other postretirement benefits.

To determine: Amortization of prior service cost

(2)

To determine

Postretirement benefit expense for 2018

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Answer 3

Question

Chapter 17, Problem 17.30E

(1)

To determine

Other postretirement benefits: The postretirement benefits which are provided by employers, other than pensions, like medical insurance, life insurance, and legal services, and healthcare benefits, are referred to as other postretirement benefits.

Postretirement benefit expense: This is an expense to the employer paid as compensation after the completion of services performed by the employees for the other postretirement benefits.

To determine: Amortization of prior service cost

(2)

To determine

Postretirement benefit expense for 2018

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Answer 4

Question

Chapter 17, Problem 17.30E

(1)

To determine

Other postretirement benefits: The postretirement benefits which are provided by employers, other than pensions, like medical insurance, life insurance, and legal services, and healthcare benefits, are referred to as other postretirement benefits.

Postretirement benefit expense: This is an expense to the employer paid as compensation after the completion of services performed by the employees for the other postretirement benefits.

To determine: Amortization of prior service cost

(2)

To determine

Postretirement benefit expense for 2018

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Answer 5

Chapter 17, Problem 17.30E

(1)

To determine

Other postretirement benefits: The postretirement benefits which are provided by employers, other than pensions, like medical insurance, life insurance, and legal services, and healthcare benefits, are referred to as other postretirement benefits.

Postretirement benefit expense: This is an expense to the employer paid as compensation after the completion of services performed by the employees for the other postretirement benefits.

To determine: Amortization of prior service cost

(2)

To determine

Postretirement benefit expense for 2018

Answer 6

Chapter 17, Problem 17.30E

(1)

To determine

Other postretirement benefits: The postretirement benefits which are provided by employers, other than pensions, like medical insurance, life insurance, and legal services, and healthcare benefits, are referred to as other postretirement benefits.

Postretirement benefit expense: This is an expense to the employer paid as compensation after the completion of services performed by the employees for the other postretirement benefits.

To determine: Amortization of prior service cost

Answer 7

Chapter 17, Problem 17.30E

(1)

To determine

Other postretirement benefits: The postretirement benefits which are provided by employers, other than pensions, like medical insurance, life insurance, and legal services, and healthcare benefits, are referred to as other postretirement benefits.

Postretirement benefit expense: This is an expense to the employer paid as compensation after the completion of services performed by the employees for the other postretirement benefits.

To determine: Amortization of prior service cost

Answer 8

(2)

To determine

Postretirement benefit expense for 2018

Answer 9

(2)

To determine

Postretirement benefit expense for 2018

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 17 - Prob. 17.1Q Ch. 17 - Prob. 17.2Q Ch. 17 - Prob. 17.3Q Ch. 17 - What is the vested benefit obligation?Ch. 17 - Prob. 17.5Q Ch. 17 - Prob. 17.6Q Ch. 17 - Name three events that might change the balance of...Ch. 17 - Prob. 17.8Q Ch. 17 - Prob. 17.9Q Ch. 17 - Prob. 17.10Q

Solution Summary: The author explains that other postretirement benefits are provided by employers, other than pensions, like medical insurance, life insurance and legal services.

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Postretirement benefit expense for 2018

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