The following defined benefit pension data of Crane Corp. apply to the year 2020:

Defined benefit obligation, funding basis, 1/1/20 (before amendment)		$432,000
Plan assets, 1/1/20		421,100
Net defined benefit liability, 1/1/20		10,900
On January 1, 2020, Crane Corp., through a plan amendment, granted prior service benefits having a present value of		69,700
Interest/discount rate		9%
Annual pension service cost		44,900
Contributions (funding)		42,000
Actual return on plan assets		40,000
Benefits paid to retirees		42,200

The company applies ASPE and has made an accounting policy choice to base its actuarial valuation of the DBO on the funding basis.

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Prepare a continuity schedule for the DBO for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Crane Corp. Continuity Schedule choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Month Ended December 31, 2020
select an opening name Current Service CostBenefits Paid OutDefined Benefit Obligation, 1/1/20Defined Benefit Obligation, 12/31/20Past Service CostInterest Cost		$enter a dollar amount
select an item Defined Benefit Obligation, 12/31/20Interest CostPast Service CostDefined Benefit Obligation, 1/1/20Benefits Paid OutCurrent Service Cost		enter a dollar amount
		enter a subtotal of the two previous amounts
select an item Benefits Paid OutDefined Benefit Obligation, 12/31/20Interest CostDefined Benefit Obligation, 1/1/20Current Service CostPast Service Cost		enter a dollar amount
select an item Defined Benefit Obligation, 12/31/20Defined Benefit Obligation, 1/1/20Benefits Paid OutPast Service CostInterest CostCurrent Service Cost		enter a dollar amount
select an item Benefits Paid OutDefined Benefit Obligation, 1/1/20Interest CostPast Service CostDefined Benefit Obligation, 12/31/20Current Service Cost		enter a dollar amount
select a closing name Defined Benefit Obligation, 12/31/20Current Service CostBenefits Paid OutPast Service CostDefined Benefit Obligation, 1/1/20Interest Cost		$enter a total amount

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Prepare a continuity schedule for the plan assets for 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Crane Corp. Continuity Schedule choose the accounting period December 31, 2020For the Year Ended December 31, 2020For the Month Ended December 31, 2020
select an opening name Plan Assets, 12/31/20Plan Assets, 1/1/20ContributionsBenefits Paid OutActual Return on Plan Assets		$enter a dollar amount
select an item Plan Assets, 12/31/20Actual Return on Plan AssetsContributionsBenefits Paid OutPlan Assets, 1/1/20		enter a dollar amount
select an item Plan Assets, 1/1/20Plan Assets, 12/31/20Benefits Paid OutActual Return on Plan AssetsContributions		enter a dollar amount
select an item Benefits Paid OutPlan Assets, 12/31/20ContributionsPlan Assets, 1/1/20Actual Return on Plan Assets		enter a dollar amount
select a closing name Actual Return on Plan AssetsPlan Assets, 12/31/20Plan Assets, 1/1/20ContributionsBenefits Paid Out		$enter a total amount

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Calculate pension expense for 2020

Pension expense

$enter Pension expense in dollars

Prepare the entry to record the expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
December 31, 2020	select an account title Net Defined Benefit Liability/AssetCashPension Contributions PayablePension ExpenseContributions	enter a debit amount	enter a credit amount
	select an account title Pension Contributions PayableNet Defined Benefit Liability/AssetPension ExpenseContributionsCash	enter a debit amount	enter a credit amount

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Calculate the balance of the net defined benefit liability/asset at December 31, 2020.

Net defined benefit select asset or liability assetliability, December 31, 2020

$enter a dollar amount

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Identify the plans surplus or deficit at December 31, 2020.

Pension select an option deficitsurplus

$enter a dollar amount