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Exercise 17-27 (Algo) Postretirement benefits; components of postretirement benefit expense [LO17-11) Data pertaining to the postretirement health care benefit plan of Sterling Properties include the following for 2021: Service cost Accumulated postretirement benefit obligation, January 1 Plan assets (fair value), January 1 Prior service cost-AOCI Net gain-AOCI (2021 amortization, $2) Retiree benefits paid (end of year) Contribution to health care benefit fund (end of year) Discount rate, 6% Return on plan assets (actual and expected), 10% ($ in thousands) $ 132 500 100 none 98 190 Required: 1. Determine the postretirement benefit expense for 2021. 2. Prepare the appropriate journal entries to record the (a) postretirement benefit expense, (b) funding, and (c) retiree benefits for 2021. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the postretirement benefit expense for 2021. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands.) ($ in thousands) Postretirement benefit expense $ 0 Required 1 Required 2 > Required 1 Required 2 Prepare the appropriate journal entries to record the (a) postretirement benefit expense, (b) funding, and (c) retiree benefits for 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands (i.e., 200,000 should be entered as 200).) View transaction list Journal entry worksheet Record the postretirement benefit expense. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record the funding. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Journal entry worksheet Record the payment of retiree benefits. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

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