Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Selected information about the pension plan of Crane Co. is as follows: 12/31/20 12/31/21 Accumulated benefit obligation $4,830,000 $5,060,000 Projected benefit obligation 5,080,000 5,280,000 Accumulated
Selected information about the pension plan of Crane Co. is as follows:
| 12/31/20 | 12/31/21 | |||
| Accumulated benefit obligation | $4,830,000 | $5,060,000 | ||
| Projected benefit obligation | 5,080,000 | 5,280,000 | ||
| Accumulated OCI (PSC) | 2,008,000 | 1,630,000 | ||
| Fair value of plan assets | 4,815,000 | 5,080,000 | ||
| Pension expense | 1,130,000 | 1,830,000 | ||
| Contribution | 1,115,000 | 1,415,000 | ||
| Discount rate (for year) | 9% | 8% |
(a)
What is the corridor for 2021?
| Corridor for 2021 | $
|
b,cakulate the pension asset/liability at december 31,2021
pension $
c.prepare the entry for 2021to record the pension
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started