Reference no: EM132490885
Lender Company provides post retirement health care benefits to employees who provide at least 10 years of service and reach the age of 65 while in service. On January 1 of the current calendar year, the following plan-related data were available:
APBO balance - $141,000,000
Fair value of plan assets - none
Average remaining service period to retirement - 25 years
Average remaining service period to full eligibility - 20 years
Point 1: On January 1 of the current year, Lender amends the plan to provide dental benefits. The actuary determines that the cost of making the amendment increases the APBO by $11,000,000. Management chooses to amortize this amount on a straight line basis. The service cost is $31,000,000. The appropriate rate is 10%.
Question 1: Calculate the post retirement benefit expense for the current year.
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