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postemployment benefits the company has decided to restructure operations at one of 692776

Postemployment Benefits

The company has decided to restructure operations at one of its stores. As part of this restructuring, the company has determined that the store facility is impaired. The store originally cost $3,000,000 and has accumulated depreciation of $1,300,000. The fair value of the store is determined to be $800,000. In addition, 32 employees at the store are being terminated. As part of the severance package, each employee is entitled to job training benefits (costing $500 per employee), supplemental health care and life insurance benefits for six months (costing $3,300 per employee), and two months’ salary (averaging $5,000 per employee). Make the journal entry or entries necessary to record this restructuring.

 

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