Reference no: EM132794980

Question - Crane Corporation provides the following information about its defined benefit pension plan for the year 2020:

Current service cost $226,300

Contribution to the plan 263,800

Past service cost, effective December 31, 2020 26,300

Actual return on plan assets 160,000

Benefits paid 113,000

Net defined benefit liability at January 1, 2020 401,300

Plan assets at January 1, 2020 1,600,000

Defined benefit obligation at January 1, 2020 2,00 1,300

Interest/discount rate on the DBO and plan assets 10%.

Crane follows IFRS.

Required -

1. Prepare continuity schedule for 2020 for the defined benefit obligation.

2. Prepare continuity schedule for 2020 for the plan assets.

3. Calculate pension expense for the year 2020.

4. Prepare pension journal entries recorded by Crane in 2020.

5. What pension amount will appear in crane's SFP at December 31, 2020?