Crane Limited provides a defined contribution pension plan for its employees. The plan requires the company to deduct $5\%$ of each

employee's gross pay for each payroll period as the employee contribution. The company then contributes $8\%$ of the gross pay for the

employer contribution. Both amounts are remitted to the pension trustee within $10$ days of the end of each month for the previous

month's payrolls. At November $30,2023,$ Crane reported $$25,300$ of combined withheld and matched contributions owing to the

trustee. During December, Crane reported gross salaries and wages expense of $$291,000.$

Determine the appropriate pension account and its balance to be reported on the December $31,2023$ SFP assuming all prior

months' remittances were made as required.

Crane Limited

Statement of Financial Position

December $31,2023$