Crane Limited sponsors a defined benefit pension plan, and follows ASPE. The corporation's actuary provides the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Crane Limited sponsors a defined benefit pension plan, and follows ASPE. The corporation's actuary provides the following information about the plan (in thousands of dollars). January 1, 2017 December 31, 2017 Vested benefit obligation $1,300 $1,520 Defined benefit obligation, accounting basis 2,320 3,092 Plan assets (fair value) 1,340 2,087 Interest/discount rate 10% 10% Net defined benefit liability/asset Past service cost, plan amendment, effective December 30, 2017 360 Service cost for the year 2017 300 Contributions (funding) 2017 680 Benefits paid in 2017 120 Prepare a 2017 pension work sheet. (Enter answers in thousands of dollars.) Crane Limited Pension Work Sheet - 2017 (ASPE) General Journal Entries Memo Record Entries Net Defined Benefit Liability/ Annual Defined Pension Benefit Plan Items Expense Cash Asset Obligation Assets Balance, Jan. 1, 2017 $. Dr. (a) Service cost Cr. (b) Net interest/finance cost (c) Asset remeasurement gain (d) Past service cost in year (e) Contributions (f) Benefits paid Expense entry - 2017 Contribution entry - 2017 Balance, Dec. 31, 2017 Prepare the journal entries at December 31, 2017 to record pension expense and the funding contributions. not indent manually.) Date Account Titles and Explanation Debit Credit 2017 (To record pension expense) 2017 (To record contributions to the pension fund) Crane Limited sponsors a defined benefit pension plan, and follows ASPE. The corporation's actuary provides the following information about the plan (in thousands of dollars). January 1, 2017 December 31, 2017 Vested benefit obligation $1,300 $1,520 Defined benefit obligation, accounting basis 2,320 3,092 Plan assets (fair value) 1,340 2,087 Interest/discount rate 10% 10% Net defined benefit liability/asset Past service cost, plan amendment, effective December 30, 2017 360 Service cost for the year 2017 300 Contributions (funding) 2017 680 Benefits paid in 2017 120 Prepare a 2017 pension work sheet. (Enter answers in thousands of dollars.) Crane Limited Pension Work Sheet - 2017 (ASPE) General Journal Entries Memo Record Entries Net Defined Benefit Liability/ Annual Defined Pension Benefit Plan Items Expense Cash Asset Obligation Assets Balance, Jan. 1, 2017 $. Dr. (a) Service cost Cr. (b) Net interest/finance cost (c) Asset remeasurement gain (d) Past service cost in year (e) Contributions (f) Benefits paid Expense entry - 2017 Contribution entry - 2017 Balance, Dec. 31, 2017 Prepare the journal entries at December 31, 2017 to record pension expense and the funding contributions. not indent manually.) Date Account Titles and Explanation Debit Credit 2017 (To record pension expense) 2017 (To record contributions to the pension fund)
Expert Answer:
Answer rating: 100% (QA)
Pension Work Sheet 2017 ASPE General Journal Entries Memo Record Entries Items Annual Pension ... View the full answer
Related Book For
Intermediate Accounting Volume 2
ISBN: 9781119497042
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
Posted Date:
Students also viewed these accounting questions
-
Griseta Limited sponsors a defined benefit pension plan for its employees, which it accounts for using the deferral and amortization approach under PE GAAP. The following data relate to the operation...
-
Griseta Limited sponsors a defined benefit pension plan for its employees, which it accounts for using the deferral and amortization approach under ASPE. The following data relate to the operation of...
-
Griseta Limited sponsors a defined benefit pension plan for its employees, which it accounts for under ASPE. The following data relate to the operation of the plan for the year 2017: 1. The actuarial...
-
Blue Spruce Corporation, a public company, is a large silver producer. Selected condensed information (in millions) for Blue Spruce Corporation follows for the year ended September 30, 2021: Cost of...
-
Rochester Ltd. has budgeted $435,000 for manufacturing overhead for the upcoming year. It forecast that 72,500 machine hours will be used in the factory, and budgeted direct labour-hours were 17,400....
-
Nippon Computer Manufacturing Company (NCM) wants to create a sponsored ADR program, worth $250 million, to trade its shares on NASDAQ. Assume that NCM is currently selling on the Tokyo Stock...
-
We live in a global economy, and many different external activities have an impact on the business. On what basis would we narrow the scope of this book to de-emphasize tax law, currency exchange,...
-
On December 1, Showcase Interiors purchased a shipment of furniture from Colonial House by paying $10,500 cash and issuing an installment note payable in the face amount of $28,800. The note is to be...
-
One of your senior leaders has come to you with a career development plan for her employees. She would like your feedback to ensure that she has covered the future needs for the employee's...
-
Determine the components of F that act along rod AC and perpendicular to it. Point B is located at the midpoint of the rod. 6 m 4 m D B F = 600 N 4 m 3 m 4 m
-
4) Let S be a parametrized surface given by the parametrization X (u, v) = (u cos v, u sin v, 3v), (a helicoid). Find a) the Gaussian and mean curvature of the surface X, b) dN,, where N is the Gauss...
-
What is the primary difference between the APT and the CAPM?
-
What are pegged exchange rates?
-
What is currency manipulation?
-
What is the effect on a countrys economy of an artificially low exchange rate? Of an artificially high exchange rate?
-
What is currency appreciation? What is currency depreciation?
-
James and Karen have just moved into a new home. Their homeowner's insurance policy is $570 each year. Their insurance company is offering a 5 percent discount if they install dead-bolt locks on all...
-
Why is the national security argument for tariffs questionable?
-
Rodriguez Corp. changed from the straight-line method of depreciation on its plant assets acquired in early 2018 to the double-declining-balance method in 2020 (before finalizing its 2020 financial...
-
The following are various accounts: 1. Bank loans payable of a winery, due March 10, 2024 (the product requires aging for five years before it can be sold) 2. $10 million of serial bonds payable, of...
-
On June 30, 2020, Mosca Limited issued $4 million of 20-year, 13% bonds for $4,300,920, which provides a yield of 12%. The company uses the effective interest method to amortize any bond premium or...
-
On December 1, 2023, Rebecca Ward, a single taxpayer, comes to you for tax advice. At the end of every year, she donates \($5,000\) to charity. She has no other itemized deductions. This year, she...
-
Kelly and Chanelle Chambers, ages 47 and 45, are married and live at 584 Thoreau Drive, Boston, MA 59483. Kellys Social Security number is 111-11-1111 and Chanelles is 222-22-2222. The Chambers have...
-
Following is a list of information for Peter and Amy Jones for the current tax year. Peter and Amy are married and have three children, Aubrynne, Bryson, and Caden. They live at 100 Main Street,...
Study smarter with the SolutionInn App