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Exercise 20-9 Crane Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2017 Projected benefit obligation
Exercise 20-9 Crane Enterprises provides the following information relative to its defined benefit pension plan. Balances or Values at December 31, 2017 Projected benefit obligation Accumulated benefit obligation Fair value of plan assets Accumulated OCI (PSC) Accumulated OCI-Net loss (1/1/17 balance, 0) Pension liability Other pension plan data for 2017: $2,712,000 1,976,600 2,281,500 209,400 46,200 430,500 Service cost Prior service cost amortization Actual return on plan assets Expected return on plan assets Interest on January 1, 2017, projected benefit obligation $94,800 42,200 130,500 176,700 254,400 93,300 139,600 Benefits paid Prepare the note disclosing the components of pension expense for the year 2017. (Enter amounts that reduce pension expense with either a negative sign preceding the number e.g. -45 or parenthesis e.g. (45).) Components of Pension Expense Determine the amounts of other comprehensive income and comprehensive income for 2017. Net income for 2017 is $35,000. (Enter loss using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Other comprehensive income (loss)s Comprehensive income (loss)
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