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Problem - Crane Corp. provides a defined contribution pension plan for its employees. The plan requires Crane to contribute 5% of employees' gross pay to a fund trustee each year. Crane's total payroll for 2020 was $2,803,800. At the start of 2020, Crane revised the terms of the plan, which resulted in past service costs of $926,000. Crane expects to realize the economic benefits from the plan change for at least five years, beginning in 2020.
1. Calculate Crane's pension expense for 2020 assuming that the company follows IFRS.
2. Calculate Crane's pension expense for 2020 assuming that the company follows ASPE.
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Fund accounting less appropriate for businesses
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During a heated campaign for mayor of Hoschkosh, an unsuccessful candidate said: "I will do away with all the special interests in government.
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