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A company's postretirement health care benefit plan had an APBO of $245,000 on January 1, 2018. During 2018, retiree benefits paid were $38,000. The discount rate for the plan for this year was 10%. Service cost for 2018 was $78,000. Plan assets (fair value) increased during the year by $309,500.
Required:
a) The amount of the APBO at December 31, 2018, was ___________.

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Answer:

$309,500

Explanation:

APBO/1/1 $245,000

Service cost $78,000

Interest cost ($245,000 × 10%) $24,500

Benefits paid($38,000)

APBO 12/31 $309,500

Therefore the amount of the APBO at December 31, 2018, was $309,500

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