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Brown Industries provides postretirement health care benefits to employees. On January 1 of the current calendar year, the following data were available. Management amortizes prior service cost on a straight-line basis. The interest rate is 10%. Service cost for the current year is $95,000.
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.
Krueger agreed to repay the principal and interest in 10 annual payments of $7,451.47 at the end of each year. Determine the amount of principal and interest Krueger paid during the first and second year that the note was outstanding.
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Prepare Sabinas journal entries to record these two transactions - install special shelving units, which increase the operating efficiency of the truck.
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Prepare a cost of production report, and identify the missing amounts for Work in Process-Roasting Department and determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between February and March.
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