Grouper Co. provides the following information about its postretirement benefit

Question

Grouper Co. provides the following information about its postretirement benefit plan for the year 2017 Service cost Prior service cost amortization Contribution to the plan Actual and expected return on plan assets Benefits paid Plan assets at January 1, 2017 Accumulated postretirement benefit obligation at January 1, 2017 Accumulated OCI (PSC) at January 1, 2017 Discount rate $86,000 3,100 54,200 58,700 41,900 702,500 758,600 96,700 Dr 9% Prepare a worksheet inserting January 1, 2017, balances, showing December 31, 2017, balances, and the journal entry recording postretirement benefit expense. (Enter all amounts as positive.)

Explanation / Answer

Work sheet

Particulars Amount($) Service Cost 86000 Interest on accumulated postretirement Benefit obligation ($758600*9%) 68274 Expected Return on plan assets (58700) Amortization of prior service cost 3100 Postretirement Expense 98674

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