Question: (Postretirement Benefit Expense Computation) Englehart Co. provides the following information about its postretirement benefit plan for the year 2014.
Service cost $ 90,000
Prior service cost amortization 3,000
Contribution to the plan 56,000
Actual and expected return on plans assets 62,000
Benefits paid 40,000
Plan assets at January 1, 2014 710,000
Accumulated post retirement benefit obligation
at January 1, 2014 760,000
Accumulated OCI (PSC) at January 1, 2014 100,000 Dr.
Discount rate 9%
Instructions: Compute the postretirement benefit expense for 2014.