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Prepare a worksheet inserting January 1, 2014, balances, and showing December 31, 2014, balances. Prepare...

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Accounting

Prepare a worksheet inserting January 1, 2014, balances, and showing December 31, 2014, balances. Prepare the journal entry recording postretirement benefit expense.

Service cost $45,000

contribution to the plan 10,000

actual and expected return on plan assets 11,000

benefit paid 20,000

plan assets at January 1, 2014 110,000

accumulated postretirement benefit obligation at Jan 1, 2015 $330,000

Discount rat 8%

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