Current Attempt in Progress
On January 1, 2025, Crane Company has the following defined benefit pension plan balances.
Projected benefit obligation
$4,492,000
Fair value of plan assets
4,270,000
The interest (settlement) rate applicable to the plan is 10%. On January 1, 2026, the company amends its pension agreement so that prior service costs of $491,000 are created. Other data related to the pension plan are as follows.
2025
2026
Service cost
$150,000
$177,000
Prior service cost amortization
-0-
90,000
Contributions (funding) to the plan
237,000
286,000
Benefits paid
196,000
284,000
Actual return on plan assets
256,200
262,000
Expected rate of return on assets
6%
8%
(a)
Prepare a pension worksheet for the pension plan for 2025 and 2026. (Enter all amounts as positive.)
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