The following information is related to the Stone Co. postretirement benefits pl

Question

The following information is related to the Stone Co. postretirement benefits plan for 2018: Discount rate ????, January 1, 2018 APBO, January 1, 2018 Actual return on plan assets in 2018 Expected return on plan assets in 2018 Contributions (funding) $156,000 8% 813,000 653,000 21,700 29,700 227,500 ompute the amount of postretirement expense for Amount of postretirement expense SHOW LIST OF ACCOUNTS Prepare the journal entry to record postretirement expense and Stone's contributions for 2018. Account Titles and Explanation Debit Credit

Explanation / Answer

Service cost $156,000 Interest cost (8% × $653,000) $52,240 Actual return on plan assets ($21,700) Unexpected loss ($8,000) Postretirement expense—2018 $178,540 Account titles and explanation Debit Credit Postretirement Expense $178,540 Postretirement Asset / Liability $48,960 Cash $227,500

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