FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Capital Gain
Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that ba…
Question
Crane Inc. has a defined - benefit pension plan covering its 216 employees. Crane agrees to amend its pension benefits. The prior service cost associated with the amendment is $140000. The employees are grouped according to expected years of retirement, as follows: Group Number of Employees Expected Retirement on December 31 A 24 2025 B 54 2026 C 94 2027 D 44 2028 What is the service years total for the year ending December 31, 2026 and what is the overall total number of service years? Select answer from the options below 192 for 2026 and 590 overall. 54 for 2026 and 216 overall. 54 for 2026 and 590 overall. 192 for 2026 and 864 overall.
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Transcribed Image Text:Crane Inc. has a defined - benefit pension plan covering its 216 employees. Crane agrees to amend its pension benefits. The prior service cost associated with the amendment is $140000. The employees are grouped according to expected years of retirement, as follows: Group Number of Employees Expected Retirement on December 31 A 24 2025 B 54 2026 C 94 2027 D 44 2028 What is the service years total for the year ending December 31, 2026 and what is the overall total number of service years? Select answer from the options below 192 for 2026 and 590 overall. 54 for 2026 and 216 overall. 54 for 2026 and 590 overall. 192 for 2026 and 864 overall.
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