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Crane Limited sponsors a defined benefit pension plan, and follows ASPE. The corporation's actuary provides the following information about the plan (in thousands of dollars):
Crane Limited sponsors a defined benefit pension plan, and follows ASPE. The corporation's actuary provides the following information about the plan (in thousands of dollars): Vested benefit obligation Defined benefit obligation, accounting basis Plan assets (fair value) Interest/discount rate Net defined benefit liability/asset Past service cost, plan amendment, effective December 30, 2020 Service cost for the year 2020 Contributions (funding) 2020 Benefits paid in 2020 January 1, 2020 December 31, 2020 $1,500 $1,550 2,220 2,992 1,400 2,080 10% 10% R? 380 320 620 150 Calculate the actual return on the plan assets in 2020. Actual return on the plan assets in 2020 $ eTextbook and Media Calculate the amount of the net defined benefit liability/asset as at January 1, 2020. Net defined benefit , January 1, 2020 $ Prepare a continuity schedule of the defined benefit obligation for 2020. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses e.g. (45).) +A $ I Calculate the pension expense for 2020, separately identifying each amount making up the total expense. (Enter negative amounts using either a negative sign preceding the number, eg.-45 or parentheses, eg. (45).) Current service cost Net interest cost Asset remeasurement gain Past service cost Pension expense for 2020 $ Prepare the pension-related entries made by the company during 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation 2020 Debit Credit 2020 (To record pension expense.) (To record contribution to the pension fund.) Compare the plan's surplus or deficit at December 31, 2020, with the amount reported on the December 31, 2020 balance sheet. Plan Net defined benefit Dec. 31/20 $
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