(Pension Worksheet) Cramer Corp. sponsors a defined-benefit pension plan for its employees.

On January 1, 2012, the following balances related to this plan.

As a result of the operation of the plan during 2012, the actuary provided the following additional data at December 31, 2012.

Instructions

(a) Compute pension expense for Cramer Corp. for the year 2012 by preparing a pension worksheet that shows the journal entry for pension expense.

(b) Indicate the pension amounts reported in the financial statements.

Transcribed Image Text:

Plan assets (market-related value) Projected benefit obligation Pension asset/liability $270,000 360,000 90,000 Cr. Prior service cost OCI-Loss 45,000 39,000