Crane Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan. Plan assets (market-related value) $270,400 342,400 72,000 Cr. 89,500 38,400 Projected benefit obligation Pension asset/liability Prior service cost OCI-Loss As a result of the operation of the plan during 2021, the actuary provided the following additional data for 2021. $44,200 27,600 11,900 64,400 41,400 Service cost Actual return on plan assets Amortization of prior service cost Contributions Benefits paid retirees Settlement rate Expected return on plan assets Average remaining service life of active employees 10 years 7% 8% Compute pension expense for Crane Corp. for the year 2021 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.)
Crane Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan. Plan assets (market-related value) $270,400 342,400 72,000 Cr. 89,500 38,400 Projected benefit obligation Pension asset/liability Prior service cost OCI-Loss As a result of the operation of the plan during 2021, the actuary provided the following additional data for 2021. $44,200 27,600 11,900 64,400 41,400 Service cost Actual return on plan assets Amortization of prior service cost Contributions Benefits paid retirees Settlement rate Expected return on plan assets Average remaining service life of active employees 10 years 7% 8% Compute pension expense for Crane Corp. for the year 2021 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Indicate the pension amounts reported in the financial statements.
Crane Corp.
Income Statement (Partial)
+
♦
♦
+
Crane Corp.
Comprehensive Income Statement
+
+
◆
$
+
$
Crane Corp.
Partial Balance Sheet
= $
+
$XXXX
$XXXX
Transcribed Image Text:Crane Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan.
Plan assets (market-related value) $270,400
342,400
Projected benefit obligation
Pension asset/liability
Prior service cost
OCI-Loss
72,000 Cr.
89,500
38,400
As a result of the operation of the plan during 2021, the actuary provided the following additional data for 2021.
Service cost
Actual return on plan assets
Amortization of prior service cost
Contributions
$44,200
27,600
11,900
64,400
41,400
Benefits paid retirees
Settlement rate
Expected return on plan assets
Average remaining service life of active employees 10 years
7%
8%
Compute pension expense for Crane Corp. for the year 2021 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.)
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