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PLEASE HELP ON THIS QUESTION, THANK YOU! Crane Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the following balances
PLEASE HELP ON THIS QUESTION, THANK YOU!
Crane Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2021, the following balances related to this plan. Plan assets (market-related value) $270,400 Projected benefit obligation 342,400 Pension asset/liability 72,000 Cr. Prior service cost 89,500 OCI-Loss 38,400 As a result of the operation of the plan during 2021, the actuary provided the following additional data for 2021. Service cost $44,200 Actual return on plan assets 27,600 Amortization of prior service cost 11,900 Contributions 64,400 Benefits paid retirees 41,400 Settlement rate Expected return on plan assets 8% Average remaining service life of active employees 10 years 7% Compute pension expense for Crane Corp. for the year 2021 by preparing a pension worksheet that shows the journal entry for pension expense. (Enter all amounts as positive.) Indicate the pension amounts reported in the financial statements. Crane Corp. Income Statement (Partial) Crane Corp. Comprehensive Income Statement $XXXX $XXXX Crane Corp. Partial Balance SheetStep by Step Solution
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