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Calculate the post retirement benefit expense

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Reference no: EM132745687

Question: The following data are for Guava Company's retiree health care plan for the current calendar year.

Number of employees covered 5

Years employed as of January 1 4 (each)

Attribution period 20 years

EPBO, January 1 $64,000

EPBO, December 31 $69,120

Interest rate 8%

Funding and plan assets None

a) Calculate the post retirement benefit expense for the current year. (Show calculations, label each amount, and round amounts to the nearest whole dollar.)

b) Record the entry to record postretirement benefit expense for the current year.

Reference no: EM132745687

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