5points ItemSkipped eBook Print Check my workCheck My Work button is now enabled Item 5 Item 5 5 points Item Skipped The information below pertains to the retiree health care

5points ItemSkipped eBook Print Check my workCheck My Work button is now enabled Item 5 Item 5 5 points Item Skipped The information below pertains to the retiree health care plan of Thompson Technologies: ($ in 000s) 2018 Beginning Balances 2018 Ending Balances Accumulated postretirement benefit obligation $ 560 $ 585 Plan assets 0 75 Funded status (560 ) (510 ) Prior service cost–AOCI 195 158 Net gain–AOCI (65 ) (64 ) Thompson began funding the plan in 2018 with a contribution of $142,000 to the benefit fund at the end of the year. Retirees were paid $53,000. The actuary’s discount rate is 5%. There were no changes in actuarial estimates and assumptions. Required: 1. Determine the service cost for 2018. 2. Determine the postretirement benefit expense for 2018. 3. Determine the net benefit liability for 2018.

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