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Crane Enterprises Ltd. provides the following information about its defined benefit pension plan:
Balances or Values at December 31, 2023 |
Defined benefit obligation | | $2,409,000 |
Vested benefit obligation | | 1,448,350 |
Fair value of plan assets | | 2,004,930 |
Other pension plan data: | | |
| Current service cost for 2023 | | 83,000 |
| Actual return on plan assets in 2023 | | 114,000 |
| Return on plan assets in 2023 using discount rate | | 154,600 |
| Interest on January 1, 2023 defined benefit obligation | | 223,000 |
| Funding of plan in 2023 | | 81,250 |
| Benefits paid | | 123,000 |
(a)
Calculate the January 1, 2023 balances for the pension-related accounts if Crane follows IFRS.
Defined benefit obligation | | $enter a dollar amount |
Fair value of plan assets | | $enter a dollar amount |
Net defined benefit select an option assetl iability | | $enter a dollar amount |
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