FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Lorin Management Services has an unfunded postretirement benefit plan. On December 31, 2024, the following data were available concerning changes in the plan's accumulated postretirement benefit obligation with respect to one of Lorin's employees: APBO at the beginning of 2024 Interest cost: ($29,167 × 8%) Service cost: ($72,000 x 1 + 16) Portion of EPBO attributed to 2024 APBO at the end of 2024 Required: $ 29,167 2,333 4,500 $ 36,000 1. Over how many years is the expected postretirement benefit obligation being expensed (attribution period)? 2. What is the expected postretirement benefit obligation at the end of 2024? 3. When was the employee hired by Lorin? 4. What is the expected postretirement benefit obligation at the beginning of 2024? Note: Round final answer to the nearest whole dollars. > Answer is complete but not entirely correct. 1. Number of years 16 years 2. Expected postretirement benefit obligation (ending) $ 36,000 x 3. The employee was hired by Lorin 16 years before 2024 4. Expected postretirement benefit obligation (beginning) $ 29,167 x
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Transcribed Image Text:Lorin Management Services has an unfunded postretirement benefit plan. On December 31, 2024, the following data were available concerning changes in the plan's accumulated postretirement benefit obligation with respect to one of Lorin's employees: APBO at the beginning of 2024 Interest cost: ($29,167 × 8%) Service cost: ($72,000 x 1 + 16) Portion of EPBO attributed to 2024 APBO at the end of 2024 Required: $ 29,167 2,333 4,500 $ 36,000 1. Over how many years is the expected postretirement benefit obligation being expensed (attribution period)? 2. What is the expected postretirement benefit obligation at the end of 2024? 3. When was the employee hired by Lorin? 4. What is the expected postretirement benefit obligation at the beginning of 2024? Note: Round final answer to the nearest whole dollars. > Answer is complete but not entirely correct. 1. Number of years 16 years 2. Expected postretirement benefit obligation (ending) $ 36,000 x 3. The employee was hired by Lorin 16 years before 2024 4. Expected postretirement benefit obligation (beginning) $ 29,167 x
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