The information below pertains to the retiree health care plan of Thompson Technologies: ($ in thousands) 2024 Beginning 2024 Ending Balances Balances $ 400 $ 425 0 75 Accumulated postretirement benefit obligation Plan assets Funded status Prior service cost-AOCI Net gain-AOCI (400) 165 (59) Thompson began funding the plan in 2024 with a contribution of $136,000 to the benefit fund at the end of the year. Retirees were paid $50,000. The actuary's discount rate is 5%. There were no changes in actuarial estimates and assumptions. 1. Service cost 2. Postretirement benefit expense 3. Net benefit liability (350) 128 (58) Required: 1. Determine the service cost for 2024. 2. Determine the postretirement benefit expense for 2024. 3. Determine the net benefit liability for 2024. Note: For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200). ($ in thousands)

The information below pertains to the retiree health care plan of Thompson Technologies: ($ in thousands) 2024 Beginning 2024 Ending Balances Balances $ 400 $ 425 0 75 Accumulated postretirement benefit obligation Plan assets Funded status Prior service cost-AOCI Net gain-AOCI (400) 165 (59) Thompson began funding the plan in 2024 with a contribution of $136,000 to the benefit fund at the end of the year. Retirees were paid $50,000. The actuary's discount rate is 5%. There were no changes in actuarial estimates and assumptions. 1. Service cost 2. Postretirement benefit expense 3. Net benefit liability (350) 128 (58) Required: 1. Determine the service cost for 2024. 2. Determine the postretirement benefit expense for 2024. 3. Determine the net benefit liability for 2024. Note: For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200). ($ in thousands)

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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Sunland Inc. provides the following information related to its post-retirement health-care benefits for the year 2020: Defined post–retirement benefit obligation at January 1, 2020 $114,000 Plan assets, January 1, 2020 45,800 Actual return on plan assets, 2020 4,000 Discount rate 11% Service cost, 2020 56,200 Plan funding during 2020 22,200 Payments from plan to retirees during 2020 6,200 Actuarial loss on defined post-retirement benefit obligation, 2020 (end of year) 26,300 Sunland Inc. follows IFRS. Calculate the post–retirement benefit expense for 2020. Post–retirement benefit expense 2020 $enter the Post–retirement benefit expense in dollars eTextbook and Media Calculate the post-retirement benefit remeasurement gain or loss—other comprehensive income (OCI) for 2020. Post-retirement benefit remeasurement select an option…
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