Crane Enterprises Ltd. provides the following information about its defined benefit pension plan: Balances or Values at December 31, 2023 Defined benefit obligation Vested benefit obligation Fair value of plan assets Other pension plan data: Current service cost for 2023 $2,710,000 1,629,393 2,255,546 93,000 Actual return on plan assets in 2023 129,000 Return on plan assets in 2023 using discount rate 173,920 Interest on January 1, 2023 defined benefit obligation 250,000 Funding of plan in 2023 91,406 Benefits paid 139,000 (a) Calculate the January 1, 2023 balances for the pension-related accounts if Crane follows IFRS. Defined benefit obligation Fair value of plan assets Net defined benefit +A $ +A

Crane Enterprises Ltd. provides the following information about its defined benefit pension plan: Balances or Values at December 31, 2023 Defined benefit obligation Vested benefit obligation Fair value of plan assets Other pension plan data: Current service cost for 2023 $2,710,000 1,629,393 2,255,546 93,000 Actual return on plan assets in 2023 129,000 Return on plan assets in 2023 using discount rate 173,920 Interest on January 1, 2023 defined benefit obligation 250,000 Funding of plan in 2023 91,406 Benefits paid 139,000 (a) Calculate the January 1, 2023 balances for the pension-related accounts if Crane follows IFRS. Defined benefit obligation Fair value of plan assets Net defined benefit +A $ +A

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 7E

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