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What is the amount of pension expense for 2018

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Question

Crane, Inc. received the following information from its pension plan trustee concerning the operation of the company's defined-benefit pension plan for the year ended December 31, 2018.

January 1, 2018

December 31, 2018

Fair value of pension plan assets $5000000

$5400000

Projected benefit obligation 5800000

6280000

Accumulated benefit obligation 1060000

1300000

Accumulated OCI - (Gains / Losses) 0 -180000

The service cost component of pension expense for 2018 is $300000 and the amortization of prior service cost due to an increase in benefits is $68000.

The settlement rate is 11% and the expected rate of return is 10%. What is the amount of pension expense for 2018?

Reference no: EM132324931

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