Sandhill Co. provides the following information about its postretirement benefit plan for the year 2017....
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Accounting
Sandhill Co. provides the following information about its postretirement benefit plan for the year 2017.
Service cost
$86,700
Prior service cost amortization
2,900
Contribution to the plan
53,100
Actual and expected return on plan assets
57,400
Benefits paid
39,800
Plan assets at January 1, 2017
707,800
Accumulated postretirement benefit obligation at January 1, 2017
771,000
Accumulated OCI (PSC) at January 1, 2017
101,000
Dr.
Discount rate
8
%
Prepare a worksheet inserting January 1, 2017, balances, showing December 31, 2017, balances, and the journal entry recording postretirement benefit expense. (Enter all amounts as positive.)
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