Reference no: EM132559296
Question - Teal Co. provides the following information about its postretirement benefit plan for the year 2020.
Service cost $83,900
Prior service cost amortization 3,100
Contribution to the plan 51,000
Actual and expected return on plan assets 67,100
Benefits paid 42,700
Plan assets at January 1, 2020 697,300
Accumulated postretirement benefit obligation at January 1, 2020 756,400
Accumulated OCI (PSC) at January 1, 2020 103,300 Dr.
Discount rate 8%
Required - Compute the post retirement benefit expense for 2020.