(Postretirement Benefit Expense Computation) Englehart Co. provides the following information about its postretirement benefit plan for the year 2012.
|
Service cost |
$ 90,000 |
|
Prior service cost amortization |
3,000 |
|
Contribution to the plan |
56,000 |
|
Actual and expected return on plan assets |
62,000 |
|
Benefits paid |
40,000 |
|
Plan assets at January 1, 2012 |
710,000 |
|
Accumulated postretirement benefit obligation at January 1, 2012 |
760,000 |
|
Accumulated OCI (PSC) at January 1, 2012 |
100,000 Dr. |
|
Discount rate |
9% |
Instructions
Compute the postretirement benefit expense for 2012.