Please help me. Fast solution. Thankyou. Crane Corporation provides the following information about its defined benefit pension plan (in hundreds of thousands of dollars) for2023:Actual return on plan assetsContributions from employerBenefits paid to retireesActuarial loss due to change in actuarial assumptions 16$825Defined benefit expenseRemeasurement gain or loss (OCI)Effect on company's shareholders' equity10Current service costOpening balance, DBOOpening balance, plan assetsAt the end of the year, Crane revised the terms of its pension plan, which resulted in past service costs of $35.Assuming that Crane applies an 13% interest cost and follows IFRS, determine the company's 2023 defined benefit expense and theeffect of the pension plan on the company's shareholders' equity. (Enter answer in hundreds of thousands of dollars.)$23100$100

A defined benefit plans also known as a pension, It gives guaranteed retirement benefits for…

At the end of the year, Crane revised the terms of its pension plan, which resulted in past service costs of $35. Assuming that Crane applies an 13% interest cost and follows IFRS, determine the company's 2023 defined benefit expense and the effect of the pension plan on the company's shareholders' equity. (Enter answer in hundreds of thousands of dollars) Defined benefit expense Remeasurement gain or loss (OC) Effect on company's shareholders' equity

At the end of the year, Crane revised the terms of its pension plan, which resulted in past service costs of $35. Assuming that Crane applies an 13% interest cost and follows IFRS, determine the company's 2023 defined benefit expense and the effect of the pension plan on the company's shareholders' equity. (Enter answer in hundreds of thousands of dollars) Defined benefit expense Remeasurement gain or loss (OC) Effect on company's shareholders' equity

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 7RE

See similar textbooks

Similar questions

Warrick Boards calculated pension expense for its underfunded pension plan as follows: ($ in millions) Service cost $ 224 Interest cost 150 Expected return on the plan assets ($100 actual, less $10 gain) (90 ) Amortization of prior service cost 8 Amortization of net loss 2 Pension expense $ 294 Required: Which elements of Warrick’s balance sheet are affected by the components of pension expense? What are the specific changes in these accounts?
Rakesh
The following information relates to the pension plan for the employees of Cullumber Co.: Accum. benefit obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) Expected rate of return (for year) O $665200 gain. O $282200 loss. 1/1/20 $110600 gain. $272400 gain. $8140000 8665000 7825000 -0- $ 12/31/20 8560000 9358000 9820000 (1402000 ) 11% 8% 12/31/21 $ 11500000 12907000 10954000 (1570000 ) 11% Cullumber estimates that the average remaining service life is 16 years. Cullumber's contribution was $1213000 in 2021 and benefits paid were $877000. The unexpected gain or loss on plan assets in 2021 is 7%
9
Use the following Data: Brunson Corporation Pension Plan Information for Current Fiscal Year Beginning balance of plan assets at market value $1,560,000 Actual return on plan assets Employer's contribution Distributions to beneficiaries Service cost Interest cost Changes in benefits and assumptions Beginning balance of the PBO At the beginning of the year, the pension plan is: a. overfunded by $20,000. b. overfunded by $35,000. c. underfunded by $20,000. d. underfunded by $35,000. $210,000 $150,000 $75,000 $125,000 $156,000 $35,000 $1,580,000
Please help me
The following information relates to the pension plan for the employees of Blossom Company: Accum. benefit obligation Projected benefit obligation Fair value of plan assets AOCI - net (gain) or loss Settlement rate (for year) Expected rate of return (for year) 1/1/25 $7940000 8465000 7625000 O $26250. O $17456. O $20238. O $14188. 0 12/31/25 $8360000 9158000 9620000 (1382000) 11% 8% 12/31/26 $11300000 12707000 10754000 (1550000) 11% 7% Blossom estimates that the average remaining service life is 16 years. Blossom's contribution was $1323000 in 2026 and benefits paid were $987000. The amount of AOCI (net gain) amortized in 2026 is
Under the defined-benefit pension plan for a company, the expected return on plan assets is $124,000 and actual return on plan assets is $269,000 in 2021. To record the unexpected gain/loss due to asset returns, the company will (enter 1, 2, 3, or 4 that represents the correct answer): Debit Other Comprehensive Income-Gain/Loss Credit Pension Expense Debit Pension Expense Debit Plan Assets
The following refers to the pension spreadsheet (columns have missing amounts) for the current year for First Republic Corporation (FRC). Plan PSC- Net Loss (Gain)- Pension Net Pension РВО Cash Assets AOCI AOCI Exp. Status Begin Balance 450 60 55 40 Service Cost (85) Interest Cost (25) Expected Return 55 Gain/Loss on 3 assets Amo. of PSC Amo. of Loss/Gain (1) Loss on PBO (65) Contribution to 40 fund Benefit payment End Balance (530) 54 122 What was the FRC's benefit payment?
Please avoid solutions image based thnx
Please Correct answer With Explanation do not give solution in images format
The following information relates to Schmidt Sausage Company's defined benefit pension plan during the current reporting year: Plan assets beginning of the year Expected return on plan assets Actual return on plan assets Cash contributions Amortization of net loss Retiree benefits ($ in millions) Pension plan assets of the year $ 580 58 49 78 9 10 Required: Determine the amount of pension plan assets at fair value on December 31. Note: Enter your answers in millions.