The information below pertains to the retiree health care plan of Thompson Technologies: ...
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Accounting
The information below pertains to the retiree health care plan of Thompson Technologies:
| ($ in 000s) | |||||||||||
| 2018 Beginning Balances | 2018 Ending Balances | ||||||||||
| Accumulated postretirement benefit obligation | $ | 500 | $ | 525 | |||||||
| Plan assets | 0 | 75 | |||||||||
| Funded status | (500 | ) | (450 | ) | |||||||
| Prior service costAOCI | 140 | 118 | |||||||||
| Net gainAOCI | (54 | ) | (53 | ) | |||||||
Thompson began funding the plan in 2018 with a contribution of $131,000 to the benefit fund at the end of the year. Retirees were paid $56,000. The actuarys discount rate is 4%. There were no changes in actuarial estimates and assumptions. Required: 1. Determine the service cost for 2018. 2. Determine the postretirement benefit expense for 2018. 3. Determine the net benefit liability for 2018.
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