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Darya [45]
3 years ago
8

Riverrun Co. provides medical care and insurance benefits to its retirees. In the current year, Riverrun agrees to pay $45,500 f

or medical insurance and contribute an additional $10,000 to a retirement program.
1. Record the entry for these accrued (but unpaid) benefits on December 31.
2. Assuming $5,500 of the retirement benefits are not to be paid for five years, how should this amount be reported on the current balance sheet?
Business
1 answer:
lbvjy [14]3 years ago
3 0

Answer:

The Solution is given below in the

Explanation:

Requirement 1: Solution

Entries                                                    Debit         Credit

Employee Benefits Expense             $55,500

Medical insurance payable                                     $45,500

Retirement program                                                 $10,000

Requirement 2: Solution

As the retirement program money is paid after 5 years it should be classified as a non-current liability as per the International accounting standard(Presentation of financial statements).

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