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Problem - Brown Industries provides postretirement health care benefits to employees. On January 1 of the current calendar year, the following data were available.
Prior service cost
$40,000
APBO
$380,000
Fair value of plan assets
None
Average remaining service period to retirement
25 years
Average remaining service period to full eligibility
20 years
Management amortizes prior service cost on a straight-line basis. The interest rate is 8%. Service cost for the current year is $85,000.
Required -
1. Calculate the prior service cost amortization for the current year.
2. Calculate the postretirement benefit expense for the current year.
3. Prepare the entry to record the postretirement benefit expense for the current year.
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