Crane Corporation reports the following January 1, 2020 balances for its defined benefit pension plan, which it accounts for under IFRS: plan assets, $460,000; defined benefit obligation, $460,000. Other data relating to three years of operation of the plan are as follows:

		2020		2021		2022
Annual service cost		$36,400		$43,700		$58,400
Discount rate		10%		10%		10%
Actual return on plan assets		38,700		50,410		53,800
Funding of current service cost		36,400		43,700		58,400
Funding of past service cost				66,000		80,000
Benefits paid		31,000		37,510		48,300
Past service cost (plan amended, 1/1/21)				364,000
Change in actuarial assumptions establishes a December 31, 2022 defined benefit obligation of						1,196,000

Prepare and complete a pension work sheet for 2020.

Crane Corporation Pension Worksheet for 2020

Remeas. Gain/ Loss OCI

Pension Expense

Cash

Net Defined Benefit (Liab) Asset

DBO

Plan Assets

Prepare a continuity schedule of the projected defined benefit obligation over the three-year period

Prepare a continuity schedule of the plan assets over the three-year period.

Determine the pension expense for each of 2020, 2021, and 2022.

Prepare the journal entries to reflect the pension plan transactions and events for each year.

Prepare a schedule reconciling the pension plans surplus or deficit with the pension amounts reported on the SFP over the three-year period.

Determine the pension expense for each of 2020, 2021, and 2022 assuming that the company applies ASPE.