(Postretirement Benefit Worksheet2 Years) Elton Co. has the following postretirement benefit plan balances on January 1, 2012.
Accumulated postretirement benefit obligation
Fair value of plan assets
The interest (settlement) rate applicable to the plan is 10%. On January 1, 2013, the company amends the plan so that prior service costs of $175,000 are created. Other data related to the plan are:
Prior service costs amortization
Contributions (funding) to the plan
Actual return on plan assets
Expected rate of return on assets
(a) Prepare a worksheet for the postretirement plan in 2012.
(b) Prepare any journal entries related to the postretirement plan that would be needed at December 31, 2012.
(c) Prepare a worksheet for 2013 and any journal entries related to the postretirement plan as of December 31, 2013.
(d) Indicate the postretirement-benefitrelated amounts reported in the 2013 financial statements.