Question
Crane Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan January 1 2020 December 31 2020 Vested
Crane Company sponsors a defined benefit pension plan. The corporation's actuary provides the following information about the plan January 1 2020 December 31 2020 Vested benefit obligation $1,400 $2,080 Accumulated benefit obligation 2,0802,970 Projected benefit obligation 2,4203,550 Plan assets (fair value )1,6102,520 Settlement rate and expected rate of return 10 Pension asset/liability810? Service cost for the year 2020 410 Contributions (funding in 2020)650 Benefits paid in 202 190 ( a) 1.Compute the actual return on the plan assets in 2020
Actual return on the plan assets
2. Compute the amount of the other comprehensive income (G/L) as of December 31, 2020.
Net Pension liability gains and losses
3. Compute the amount of net gain or loss amortization for 2020
Net gain or loss amortization
4. Compute pension expense for 2020.
Pension expense
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