Reference no: EM132956948
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.
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