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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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