Question
The following information relates to the pension plan for the employees of Crane Co.: 1/1/20 12/31/20 12/31/21 Accum. benefit obligation $ 9140000 $ 9560000 $
The following information relates to the pension plan for the employees of Crane Co.:
| 1/1/20 | 12/31/20 | 12/31/21 | ||||||||||
| Accum. benefit obligation | $ | 9140000 | $ | 9560000 | $ | 12500000 | ||||||
| Projected benefit obligation | 9665000 | 10358000 | 13907000 | |||||||||
| Fair value of plan assets | 8825000 | 10820000 | 11954000 | |||||||||
| AOCI net (gain) or loss | -0- | (1622000 | ) | (1670000 | ) | |||||||
| Settlement rate (for year) | 10% | 10% | ||||||||||
| Expected rate of return (for year) | 7% | 6% | ||||||||||
Crane estimates that the average remaining service life is 16 years. Crane's contribution was $1313000 in 2021 and benefits paid were $977000. The amount of AOCI (net gain) amortized in 2021 is
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Audit Proof Tax Shelters
Authors: Donald Jay Korn
1st Edition
0130509310, 978-0130509314
