Help in finding out pension expense in 2020, 2021 and 2022 and filling up the wrong answers
Crane Corporation initiated a defined benefit pension plan for its 50 employees on January 1, 2020. The insurance company that administers the pension plan provides the following information for the years 2020, 2021, and 2022: For Year Ended December 31 2020 2021 2022 Plan assets (fair value) $50,000 $85,000 $166,000 Defined benefit obligation 64,900 Net actuarial (gain) loss: DBO 8,900 (24,500 ) 84,500 Remeasurement (gain) loss: fund assets (11,200 Employer's funding contribution (made at end of year) 50,000 60,000 95,000 There were no balances as at January 1. 2020, when the plan was initiated, because no credit was given for past service. The rate used to discount the company's pension obligation was 13% in 2020. 11% in 2021, and 8% in 2022. The service cost component of net periodic pension expense amounted to the following: 2020, $56,000; 2021, $85,000; and 2022, $116,000. No benefits were paid in 2020, but $30,000 was paid in 2021, and $32,000 in 2022. (All benefits were paid and all actuarial gains and losses were determined at the end of the year.) The company applies IFRS. Prepare a continuity schedule for the defined benefit obligation over the three-year period. (Round answers to O decimal places, eg. 5,275. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Do not leave any answer field blank. Enter O for amounts.) Crane Corporation Continuity Schedule of Defined Benefit Obligation 2020 2021 Defined Benefit Obligation at Beginning of Year $ $ Current Service Cost 56000 85000 Interest Cost 7280 9350 Benefits Paid Out (0) 30000) Net Actuarial Loss (Gain) 8900 (24500) Defined Benefit Obligation at End of Year 79561 $ 49200 $ Prepare a continuity schedule for the plan assets over the three-year period. (Round answers to O decimal places, e g. 5,275. Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses e.g. (45). Do not leave any answer field blank. Enter ( for amounts.) Crane Corporation Continuity Schedule of Plan Assets 2020 2021 2022 Plan Assets at Beginning of Year (0) (0) $ Contributions 50000 60000 95000 Actual Return on Assets 30000 63000) Benefits Paid Out (0) 30000 32000 Plan Assets at End of Year $ 50000 $ 195000 $ 26000