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psychiclion
25.01.2021 •
Business
The following data are available pertaining to Firewall Corporation's retiree health plan for 2021: Number of employees covered 4 Years employed as of January 1, 2021 5 (each) Attribution period 20 years EPBO, January 1 $100,000 EPBO, December 31 $106,000 Interest rate 6% Funding none Required: 1. What is the APBO at the beginning of 2021?
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Ответ:
1.$25,000
2. $1,500
3. $5,300
4.Dr Post-retirement benefit expense 6,800
Cr Post-retirement benefit liability 6,800
Explanation:
1) Calculation for What is the APBO at the beginning of 2021
APBO at the beginning of 2021= 100,000 x 5/20 APBO at the beginning of 2021= 25,000
2) Calculation for What is the interest cost for 2021
Interest cost for 2021=25,000 x 6%
Interest cost for 2021 = 1,500
3) Calculation for What is the service cost for 2021
Service cost for 2021=106,000 x 1/20
Service cost for 2021 = 5,300
4) Preparation of the journal entry to record the post-retirement benefit expense for 2021
Dr Post-retirement benefit expense 6,800
(1,500 + 5,300)
Cr Post-retirement benefit liability 6,800
Ответ: