Question 3 Data for Prince Harry's Inc.'s defined benefit plan for Year 5 follows: At January 1: • Projected benefit obligation (PBO), $120,000 • Plan assets at fair value (Assets), $90,000 • Prior service cost (PSC) balance in accumulated other comprehensive income (AOCI), $25,000 For Year 5: • Service cost, $40,000 Discount rate, 5% • Expected rate of return on assets, 6% • Amortization of PSC, $2,500 Actual return on assets, $6,000 • PBO loss at year-end, $15,000 • Funding contribution at year-end, $40,000 • Benefits paid, $45,000 Complete the Year 5 pension spreadsheet below using the above information. Use parenthesis for negative amounts within categories, and for losses. Enter and extend your amounts to all appropriate cells. Enter 0 in any cell that does not require another entry.

Question 3 Data for Prince Harry's Inc.'s defined benefit plan for Year 5 follows: At January 1: • Projected benefit obligation (PBO), $120,000 • Plan assets at fair value (Assets), $90,000 • Prior service cost (PSC) balance in accumulated other comprehensive income (AOCI), $25,000 For Year 5: • Service cost, $40,000 Discount rate, 5% • Expected rate of return on assets, 6% • Amortization of PSC, $2,500 Actual return on assets, $6,000 • PBO loss at year-end, $15,000 • Funding contribution at year-end, $40,000 • Benefits paid, $45,000 Complete the Year 5 pension spreadsheet below using the above information. Use parenthesis for negative amounts within categories, and for losses. Enter and extend your amounts to all appropriate cells. Enter 0 in any cell that does not require another entry.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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At December 31, 2023, Crane Corporation provided you with the following information: Defined benefit obligation, December 31, 2023 $3,420,000 Plan assets at fair value, December 31, 2023 2,435,000 Past service cost from plan amendment on December 31, 2023 1,005,500 Determine the account and its balance that should be reported on Crane's December 31, 2023 balance sheet if it applies ASPE. Net defined benefit $ How should the $1,005,500 be reported? The $1,005,500 eTextbook a should be reported on balance sheet should be reported separately on the statement of income or in the notes should not be reported
Question 3 Data for Prince Harry's Inc.'s defined benefit plan for Year 5 follows: At January 1: Projected benefit obligation (PBO), $120,000 Plan assets at fair value (Assets), $90,000 Prior service cost (PSC) balance in accumulated other comprehensive income (AOCI), $25,000 For Year 5: Service cost, $40,000 Discount rate, 5% Expected rate of return on assets, 6% Amortization of PSC, $2,500 Actual return on assets, $6,000 • PBO loss at year-end, $15,000 • Funding contribution at year-end, $40,000 • Benefits paid, $45,000 Complete the Year 5 pension spreadsheet below using the above information. Use parenthesis for negative amounts within categories, and for losses. Enter and extend your amounts to all appropriate cells. Enter 0 in any cell that does not require another entry.
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