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, 1/1/25Pension liability, 1/1/25On January 1, 2025, Crane Corp., through plan amendment,grants prior service benefits having this present valueSettlement rateService costContributions (funding)Actual (expected) return on plan assetsBenefits paid to retireesPrior service cost amortization for 2025ItemsBalance, Dec. 31, 2024Prior service costBalance, Jan. 1, 2025Service costInterest costFor 2025, prepare a pension worksheet for Crane that shows the journal entry for pension expense and the year-end balances in therelated pension accounts. (Enter all amounts as positive. If no entries then the input box should be left blank.)Actual returnAmortization of PSCContributionsBenefitsJournal entry for 2025Accumulated OCI, Dec. 31, 2024Balance, Dec. 31, 2025$$594.000579,900$14,100116,0009%58,10067,70054,10042,20016.000Annual PensionExpense"DCashGeneral Joun{}]}] $$Show Transcribed Text$OCI-PriorService Cost$Projected BenefitObligation$Memo Record$PensionAsset/LiabilityPlanAssets

The defined benefit pension plan requires the employer to make promises to pay fixed retirement…

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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