Current Attempt in Progress Crane Corporation provides the following information about its defined benefit pension plan for the year 2023: Currentservice cost $225,300 Contribution to the plan 263,300 Past service cost, effective December 31, 2023 25,700 Actual return on plan assets 159,800 Benefits paid 101,100 Net defined benefit liability at January 1, 2023 422.000 Plan assets at January 1, 2023 1,598,000 Defined benefit obligation at January 1,2023 2,023,000 Interest/discount rate on the DBO and plan assets 10% Crane follows IFRS. Prepare a pension work sheet. Balance, 01/01/2023 $ Current service cost Past service cost Net interest/finance cost Contributions Annual Deficit Benefit Expense Benefits paid Experse entry Contribution entry $ > $ < General Journal Entries > > > Cash $ C Per < > > > < > > >
Current Attempt in Progress Crane Corporation provides the following information about its defined benefit pension plan for the year 2023: Currentservice cost $225,300 Contribution to the plan 263,300 Past service cost, effective December 31, 2023 25,700 Actual return on plan assets 159,800 Benefits paid 101,100 Net defined benefit liability at January 1, 2023 422.000 Plan assets at January 1, 2023 1,598,000 Defined benefit obligation at January 1,2023 2,023,000 Interest/discount rate on the DBO and plan assets 10% Crane follows IFRS. Prepare a pension work sheet. Balance, 01/01/2023 $ Current service cost Past service cost Net interest/finance cost Contributions Annual Deficit Benefit Expense Benefits paid Experse entry Contribution entry $ > $ < General Journal Entries > > > Cash $ C Per < > > > < > > >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Current Attempt in Progress
Crane Corporation provides the following information about its defined benefit pension plan for the year 2023:
Currentservice cost
$225,300
Contribution to the plan
263,300
Past service cost, effective December 31, 2023
25,700
Actual return on plan assets
159,800
Benefits paid
101,100
Net defined benefit liability at January 1, 2023
422.000
Plan assets at January 1, 2023
1,598,000
Defined benefit obligation at January 1,2023
2,023,000
Interest/discount rate on the DBO and plan assets
10%
Crane follows IFRS.
Prepare a pension work sheet.
Balance, 01/01/2023
$
Current service cost
Past service cost
Net interest/finance cost
Contributions
Annual Deficit
Benefit Expense
Benefits paid
Experse entry
Contribution entry
$
>
$
<
General Journal Entries
>
>
>
Cash
$
C
Per
<
>
>
>
<
>
>
>
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