Crane Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2024, with the following beginningbalances: plan assets $202,300; projected benefit obligation $245,000. Other data relating to 3 years' operation of the plan are asfollows.202420252026Annual service cost$15,900$18,600$25,700Settlement rate and expected rate of return10%10%10%Actual return on plan assets17,90022,22024,400Annual funding (contributions)15,90040,30047,500Benefits paid13,90016,70021,500Prior service cost (plan amended, 1/1/25)159,100Amortization of prior service cost54,40041,300Change in actuarial assumptions establishesa December 31, 2026, projected benefit obligation of:518,900(a)Prepare a pension worksheet presenting all 3 years' pension balances and activities. (Enter all amounts as positive.)

Crane Company Pension WorksheetYear Service Cost Interest on PBO Expected Return on Assets…

Answered: Crane Company adopts acceptable…

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 6RE

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