On January 1, 2021, Crane Co. has the following balances: Projected benefit obligation     $3450000 Fair value of plan assets     2950000 The settlement rate is 9%. Other data related to the pension plan for 2021 are: Service cost     $295000 Amortization of prior service costs due to increase in benefits     98000 Contributions     495000 Benefits paid     220000 Actual return on plan assets     390000 Amortization of net gain     29000 The fair value of plan assets at December 31, 2021 is $3450000. $3840000. $3615000. $3389000.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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On January 1, 2021, Crane Co. has the following balances:

Projected benefit obligation     $3450000
Fair value of plan assets     2950000


The settlement rate is 9%. Other data related to the pension plan for 2021 are:

Service cost     $295000
Amortization of prior service costs due to increase in benefits     98000
Contributions     495000
Benefits paid     220000
Actual return on plan assets     390000
Amortization of net gain     29000


The fair value of plan assets at December 31, 2021 is

$3450000.
$3840000.
$3615000.
$3389000.
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