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 groupedaccording 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 endingDecember 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 and864 overall.

Defined-benefit pension plans are retirement plans where employers commit to providing specific…

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Select answer from the options below 192 for 2026 and 590 overall.

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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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 basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

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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