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The following data are for the pension plan for the employees of Crane Company. 1/1/17 12/31/17 12/31/18 Accumulated benefit obligation $ 5300000 $ 5430000 $
The following data are for the pension plan for the employees of Crane Company.
1/1/17 | 12/31/17 | 12/31/18 | ||||||||||
Accumulated benefit obligation | $ | 5300000 | $ | 5430000 | $ | 7000000 | ||||||
Projected benefit obligation | 5500000 | 5660000 | 7550000 | |||||||||
Plan assets (at fair value) | 4790000 | 6250000 | 6730000 | |||||||||
AOCL net loss | 0 | 962000 | 1070000 | |||||||||
Settlement rate (for year) | 9% | 9% | ||||||||||
Expected rate of return (for year) | 8% | 8% |
Cranes contribution was $858000 in 2018 and benefits paid were $741000. Crane estimates that the average remaining service life is 15 years. The actual return on plan assets in 2018 was
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