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Data pertaining to the postretirement health care benefit plan of Sterling Properties include the following...

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Accounting

Data pertaining to the postretirement health care benefit plan of Sterling Properties include the following for 2024:
($ in thousands)
Service cost $ 138
Accumulated postretirement benefit obligation, January 1800
Plan assets (fair value), January 140
Prior service costAOCI none
Net gainAOCI (2024 amortization, $1)101
Retiree benefits paid (end of year)89
Contribution to health care benefit fund (end of year)205
Discount rate, 7%
Return on plan assets (actual and expected),10%
Required:
1.Determine the postretirement benefit expense for 2024.
2.Prepare the appropriate journal entries to record the (a) postretirement benefit expense, (b) funding, and (c) retiree for 2024.
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