Question
The following information is available for Crane Corporations defined benefit pension plan: 2020 2021 2022 Defined benefit obligation, opening balance, accounting basis 175,000 ? ?
The following information is available for Crane Corporations defined benefit pension plan: 2020 2021 2022 Defined benefit obligation, opening balance, accounting basis 175,000 ? ? Fair value of plan assets 165,000 ? ? Current service cost 35,000 $47,250 $52,500 Discount rate 7% 7% 7% Actual return earned on plan assets 8% 6% 7% Contributions (funding) 44,000 44,000 44,000 Benefits paid to retirees 23,200 25,400 28,600 On January 1, 2020, Crane Corp. amended its pension plan, resulting in past service costs with a present value of $77,200. New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.
Calculate the pension plans surplus or deficit and the pension liability or asset reported on the December 31, 2020, 2021, and 2022 statements of financial position assuming that Crane Corp. accounts for its pension plan under ASPE. (Round answers to 0 decimal places, e.g. 5,275.)
Calculate the total of pension expense for 2020, 2021, and 2022, assuming that Crane Corp. accounts for its pension plan under ASPE. (Round answers to 0 decimal places, e.g. 5,275.)
Identify the pension plans surplus or deficit and the pension liability or asset reported on the December 31, 2020, 2021, and 2022 statements of financial position assuming that Crane Corp. accounts for its pension plan under IFRS. (Round answers to 0 decimal places, e.g. 5,275.)
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