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Intermediate Accounting: Reporting...
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Intermediate Accounting: Reporting...
On January 1, 2019, Flash and Dash Company adopted a healthcare plan for its retired employees. To determine eligibility for benefits, the company retroactively gives credit to the date of hire for each employee. The following information is available about the plan:
Required:
- 1. Compute the OPRB expense for 2019 if the company uses the average remaining service life to amortize the prior service cost.
- 2. Prepare all the required journal entries for 2019 if the plan is not funded.
1.
Calculate the OPRB expense of Company F for the year 2019; assume that the company uses the average remaining service life to amortize the prior service cost.
Pension plan: Pension plan is the plan devised by corporations to pay the employees an income after their retirement, in the form of pension.
Calculate the OPRB expense of Company F for the year 2019; assume that the company uses the average remaining service life to amortize the prior service cost as follows:
| Particulars | Amount in ($) |
| Service cost | 30,000 |
| Add: Interest cost on accumulated postretirement benefit obligation (1) | 12,000 |
| Less: Expected return on plan assets | 0 |
| Add: Amortization of any prior se... |
2.
Prepare necessary journal entries of Company F for 2019.
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