Reference no: EM132959950
The following information is available for Crane Corporation's pension plan for the 2020 fiscal year:
Defined benefit obligation, 1/1/20, accounting basis, before plan amendment $289,000
Fair value of plan assets, 1/1/20 313,000
Current service cost 63,300
Discount rate 12%
Actual return on plan assets 10%
Contributions (funding) 78,500
Benefits paid to retirees 42,700
On January 1, 2020, Crane Corp. amended its pension plan, resulting in past service costs with a present value of $140,150. Crane follows ASPE.
Problem 1: Calculate pension expense for 2020.
Problem 2: Prepare journal entries to record the expense and funding for the year.
|
What are the required supplementary information
: What are the required supplementary information (RSI) considered necessary to supplement the information in the basic financial statements?
|
|
Explain the theory of comparative advantage
: Explain the theory of Comparative Advantage, and its implication for production and trade. Are there some countries that have no comparative advantage?
|
|
Record the initial investment of the original partners
: On the basis of the foregoing data, reconstruct the journal entry or entries which - Record the initial investment of the original partners
|
|
What are the key features of the financial legislation
: Maintains internal control procedures, What are key features of the financial legislation which relates to financial transactions and reporting requirements?
|
|
Make journal entries to record the expense and funding
: Make journal entries to record the expense and funding for the year. On January 1, 2020, Crane Corp. amended its pension plan, resulting in past service costs.
|
|
Why is historiography research important
: Why is historiography research important? Discuss how an archival study and a case study are conducted? What is an archival study
|
|
Make the body of rao report
: Make the body of Rao's report, addressed to the board of directors, dated February 28, 2019, to accompany the 2018-2017 comparative financial statements.
|
|
What accumulated e and p is
: What accumulated E&P is. Are these two different computations in the E&P report? Also, can either of these balances be a negative amount?
|
|
What are ethical issues should consider evaluating income
: What are the ethical issues one should consider evaluating income statement and balance sheet? How does SOX address these concerns?
|