The following defined pension data of Crane Corp. apply to the year 2025. Projected benefit obligation, 1/1/25 (before amendment) Plan assets, 1/1/25 Pension liability, 1/1/25 On January 1, 2025, Crane Corp., through plan amendment, grants prior service benefits having this present value Settlement rate Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2025 $594,000 579,900 14,100 116,000 9% 58,100 67,700 54,100 42,200 16,000
The following defined pension data of Crane Corp. apply to the year 2025. Projected benefit obligation, 1/1/25 (before amendment) Plan assets, 1/1/25 Pension liability, 1/1/25 On January 1, 2025, Crane Corp., through plan amendment, grants prior service benefits having this present value Settlement rate Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2025 $594,000 579,900 14,100 116,000 9% 58,100 67,700 54,100 42,200 16,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give image format
![The following defined pension data of Crane Corp. apply to the year 2025.
Projected benefit obligation, 1/1/25 (before amendment)
Plan assets, 1/1/25
Pension liability, 1/1/25
On January 1, 2025, Crane Corp., through plan amendment,
grants prior service benefits having this present value
Settlement rate
Service cost
Contributions (funding)
Actual (expected) return on plan assets
Benefits paid to retirees
Prior service cost amortization for 2025
Items
Balance, Dec. 31, 2024
Prior service cost
Balance, Jan. 1, 2025
Service cost
Interest cost
For 2025, prepare a pension worksheet for Crane that shows the journal entry for pension expense and the year-end balances in the
related pension accounts. (Enter all amounts as positive. If no entries then the input box should be left blank.)
Actual return
Amortization of PSC
Contributions
Benefits
Journal entry for 2025
Accumulated OCI, Dec. 31, 2024
Balance, Dec. 31, 2025
$
$594.000
579,900
$
14,100
116,000
9%
58,100
67,700
54,100
42,200
16.000
Annual Pension
Expense
"D
Cash
General Joun
{}]}]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4372ec4d-b133-43db-9782-a231351f841b%2F1da5eb25-e0db-4082-b488-41d6b65c17a7%2Fdye7n1y_processed.png&w=3840&q=75)
Transcribed Image Text:The following defined pension data of Crane Corp. apply to the year 2025.
Projected benefit obligation, 1/1/25 (before amendment)
Plan assets, 1/1/25
Pension liability, 1/1/25
On January 1, 2025, Crane Corp., through plan amendment,
grants prior service benefits having this present value
Settlement rate
Service cost
Contributions (funding)
Actual (expected) return on plan assets
Benefits paid to retirees
Prior service cost amortization for 2025
Items
Balance, Dec. 31, 2024
Prior service cost
Balance, Jan. 1, 2025
Service cost
Interest cost
For 2025, prepare a pension worksheet for Crane that shows the journal entry for pension expense and the year-end balances in the
related pension accounts. (Enter all amounts as positive. If no entries then the input box should be left blank.)
Actual return
Amortization of PSC
Contributions
Benefits
Journal entry for 2025
Accumulated OCI, Dec. 31, 2024
Balance, Dec. 31, 2025
$
$594.000
579,900
$
14,100
116,000
9%
58,100
67,700
54,100
42,200
16.000
Annual Pension
Expense
"D
Cash
General Joun
{}]}]
Transcribed Image Text:$
$
Show Transcribed Text
$
OCI-Prior
Service Cost
$
Projected Benefit
Obligation
$
Memo Record
$
Pension
Asset/
Liability
Plan
Assets
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