Question

Exercise 20-21 Flint Inc. provides the following information related to its postretirement benefits for the year...

Exercise 20-21

Flint Inc. provides the following information related to its postretirement benefits for the year 2017.

Accumulated postretirement benefit obligation at January 1, 2017 $773,600
Actual and expected return on plan assets 32,300
Prior service cost amortization 19,600
Discount rate 11 %
Service cost 76,700


Compute postretirement benefit expense for 2017.

Postretirement benefit expense $

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Answer #1

Post retirement benefit expense

= Service cost + Interest on liability + prior service cost amortization - Actual and expected return on plan assets

= 76,700+(773,600*11%)+19,600-32,300

= 149,096

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